This $64 Million Biotech Exit Seemingly Missed a 77% One-Day Surge on Gilead Takeover Deal

Core Insights - Cormorant Asset Management sold its entire stake in Arcellx for an estimated $63.63 million, liquidating 775,000 shares as of February 17, 2026 [1][2] Company Overview - Arcellx's current stock price is $114.51, with a market capitalization of $6.7 billion and a revenue of $22.3 million over the trailing twelve months (TTM). The company reported a net income loss of $228.9 million TTM [4] - Arcellx is focused on developing proprietary ddCAR and ARC-T cell platforms to address unmet medical needs in relapsed or refractory cancers, with a pipeline that includes candidates for hematologic malignancies and solid tumors [5][8] Recent Developments - Arcellx shares have increased by 80% this year, driven by the development of next-generation CAR-T cell therapies, particularly anitocabtagene autoleucel, which has shown strong clinical responses [9] - A recent takeover agreement from Gilead Sciences values Arcellx at approximately $7.8 billion, offering shareholders $115 per share in cash, along with potential additional payments tied to future sales milestones [10] Investment Implications - Following the sale, Cormorant's position in Arcellx dropped from 4.4% of its 13F reportable assets under management (AUM) to zero. The fund's top holdings now include NASDAQ:PRAX at $280 million (15.9% of AUM) and NASDAQ:BBOT at $223.84 million (12.7% of AUM) [7] - Arcellx's stock performance has significantly outpaced the S&P 500, which gained approximately 19% over the same period [7]