First Turn Management LLC Makes New $17.90 Million Investment in Arcellx, Inc. (NASDAQ:ACLX)

First Turn Management LLC bought a new stake in Arcellx, Inc. (NASDAQ:ACLX) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund bought 214,298 shares of the company’s stock, valued at approximately $17,896,000. Arcellx comprises approximately 2.8% of First Turn Management LLC’s portfolio, making the stock its 13th largest position. First Turn Management LLC owned about 0.40% of Arcellx as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of ACLX. Sei Investments Co. grew its stake in shares of Arcellx by 36.3% in the 1st quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock worth $1,032,000 after buying an additional 3,951 shares during the last quarter. ProShare Advisors LLC increased its stake in Arcellx by 12.0% in the 1st quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock worth $737,000 after buying an additional 1,131 shares in the last quarter. Vanguard Group Inc. increased its stake in Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after buying an additional 167,037 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Arcellx by 153.6% during the first quarter. Acadian Asset Management LLC now owns 7,882 shares of the company’s stock valued at $548,000 after purchasing an additional 4,774 shares in the last quarter. Finally, Seven Eight Capital LP purchased a new position in shares of Arcellx during the first quarter valued at about $1,207,000. Institutional investors own 96.03% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ACLX. Stifel Nicolaus lifted their price target on shares of Arcellx from $83.00 to $122.00 and gave the company a “buy” rating in a research note on Friday, October 18th. Bank of America increased their target price on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their price target on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research note on Wednesday, November 6th. Piper Sandler raised their price target on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Finally, Canaccord Genuity Group lifted their target price on shares of Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Thirteen analysts have rated the stock with a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus target price of $103.08.

Arcellx Price Performance

NASDAQ:ACLX opened at $88.22 on Tuesday. The company has a fifty day moving average price of $85.97 and a 200 day moving average price of $67.76. Arcellx, Inc. has a one year low of $46.42 and a one year high of $107.37. The stock has a market cap of $4.77 billion, a P/E ratio of -124.25 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million for the quarter, compared to the consensus estimate of $35.21 million. As a group, equities research analysts anticipate that Arcellx, Inc. will post -1.49 EPS for the current year.

Insider Buying and Selling

In other news, insider Christopher Heery sold 27,451 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $67.03, for a total value of $1,840,040.53. Following the completion of the transaction, the insider now owns 9,278 shares of the company’s stock, valued at $621,904.34. This represents a 74.74 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,557 shares of company stock worth $10,163,933. Insiders own 6.24% of the company’s stock.

Arcellx Company Profile

Arcellx, Inc, together with its subsidiary, engages in the development of various immunotherapies for patients with cancer and other incurable diseases in the United States. The company’s lead ddCAR product candidate is anitocabtagene autoleucel, which is in phase 2 clinical trial for the treatment of patients with relapsed or refractory multiple myeloma (rrMM).