Pictet Asset Management Holding SA Cuts Stock Position in Arcellx, Inc. $ACLX

Pictet Asset Management Holding SA lowered its holdings in Arcellx, Inc. (NASDAQ:ACLX) by 18.6% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 342,612 shares of the company’s stock after selling 78,193 shares during the period. Pictet Asset Management Holding SA’s holdings in Arcellx were worth $22,338,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. MAI Capital Management acquired a new position in shares of Arcellx in the third quarter worth $26,000. CWM LLC raised its stake in shares of Arcellx by 267.0% in the third quarter. CWM LLC now owns 345 shares of the company’s stock valued at $28,000 after acquiring an additional 251 shares in the last quarter. State of Wyoming purchased a new position in shares of Arcellx in the 2nd quarter valued at about $28,000. Ramirez Asset Management Inc. purchased a new position in Arcellx in the third quarter worth approximately $41,000. Finally, Abich Financial Wealth Management LLC purchased a new stake in shares of Arcellx during the 3rd quarter worth $62,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Arcellx in a report on Monday, April 20th. Robert W. Baird reaffirmed a “neutral” rating and set a $115.00 price objective (up from $106.00) on shares of Arcellx in a research report on Monday, February 23rd. Guggenheim downgraded Arcellx from a “buy” rating to a “neutral” rating and lowered their target price for the company from $120.00 to $115.00 in a research note on Wednesday, February 25th. Leerink Partners reissued a “market perform” rating and issued a $115.00 target price on shares of Arcellx in a report on Tuesday, February 24th. Finally, Canaccord Genuity Group set a $115.00 price target on Arcellx in a research note on Monday, February 23rd. One equities research analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, sixteen have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $111.87.

Arcellx Price Performance

Shares of Arcellx stock opened at $115.07 on Friday. Arcellx, Inc. has a 52-week low of $47.86 and a 52-week high of $115.13. The company’s 50-day simple moving average is $113.60 and its 200-day simple moving average is $88.04. The firm has a market cap of $6.73 billion, a price-to-earnings ratio of -28.27 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($1.01) EPS for the quarter, meeting analysts’ consensus estimates of ($1.01). Arcellx had a negative net margin of 1,027.26% and a negative return on equity of 55.42%. The firm had revenue of $1.65 million during the quarter, compared to the consensus estimate of $13.40 million. Equities research analysts anticipate that Arcellx, Inc. will post -2.91 EPS for the current year.

Insider Activity

In other news, insider Rami Elghandour sold 89,916 shares of the firm’s stock in a transaction that occurred on Friday, February 27th. The stock was sold at an average price of $113.92, for a total value of $10,243,230.72. Following the completion of the sale, the insider directly owned 276,051 shares of the company’s stock, valued at $31,447,729.92. This trade represents a 24.57% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 8.35% of the company’s stock.

Arcellx Company Profile

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.