Parkman Healthcare Partners LLC Trims Stake in Arcellx, Inc. (NASDAQ:ACLX)

Parkman Healthcare Partners LLC lessened its holdings in shares of Arcellx, Inc. (NASDAQ:ACLX) by 57.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 66,492 shares of the company’s stock after selling 90,351 shares during the period. Parkman Healthcare Partners LLC’s holdings in Arcellx were worth $5,553,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of ACLX. First Turn Management LLC purchased a new position in Arcellx during the 3rd quarter valued at $17,896,000. Harbor Capital Advisors Inc. boosted its stake in shares of Arcellx by 37.0% during the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock valued at $2,330,000 after purchasing an additional 7,534 shares during the period. Renaissance Technologies LLC bought a new position in shares of Arcellx in the second quarter worth about $1,494,000. Intech Investment Management LLC purchased a new position in Arcellx in the 3rd quarter worth about $800,000. Finally, Great Point Partners LLC lifted its holdings in Arcellx by 64.0% during the 2nd quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock valued at $27,153,000 after buying an additional 192,000 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Insiders Place Their Bets

In related news, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at $537,502.95. The trade was a 68.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Kavita Patel sold 15,238 shares of the stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,422 shares of company stock valued at $6,781,726. 6.24% of the stock is owned by insiders.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Cantor Fitzgerald reaffirmed an “overweight” rating on shares of Arcellx in a research note on Monday, September 9th. Stifel Nicolaus upped their target price on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Robert W. Baird raised their price target on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group increased their target price on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Finally, Bank of America boosted their price target on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $103.08.

Arcellx Trading Down 7.4 %

NASDAQ ACLX opened at $88.65 on Wednesday. The stock has a market cap of $4.79 billion, a P/E ratio of -124.86 and a beta of 0.25. Arcellx, Inc. has a 12-month low of $46.42 and a 12-month high of $107.37. The company has a fifty day simple moving average of $88.35 and a two-hundred day simple moving average of $70.91.

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

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).