Short Interest in Arcellx, Inc. (NASDAQ:ACLX) Increases By 9.1%

Arcellx, Inc. (NASDAQ:ACLX) saw a significant growth in short interest in the month of January. As of January 31st, there was short interest totalling 7,310,000 shares, a growth of 9.1% from the January 15th total of 6,700,000 shares. Based on an average daily volume of 615,800 shares, the short-interest ratio is presently 11.9 days. Approximately 18.0% of the shares of the company are sold short.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ACLX. Morgan Stanley lifted their target price on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a report on Wednesday, November 6th. Needham & Company LLC reaffirmed a “buy” rating and issued a $105.00 price objective on shares of Arcellx in a research note on Monday, December 9th. UBS Group boosted their target price on shares of Arcellx from $106.00 to $114.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. HC Wainwright restated a “buy” rating and set a $115.00 target price on shares of Arcellx in a report on Tuesday, December 10th. Finally, Truist Financial upped their price target on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a report on Tuesday, November 12th. Thirteen investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $105.93.

Arcellx Stock Up 2.4 %

Shares of Arcellx stock opened at $65.23 on Friday. The stock has a market cap of $3.53 billion, a PE ratio of -91.87 and a beta of 0.29. Arcellx has a 12 month low of $47.88 and a 12 month high of $107.37. The business has a fifty day simple moving average of $72.05 and a 200-day simple moving average of $76.97.

Insider Activity

In other Arcellx news, insider Christopher Heery sold 3,553 shares of the company’s stock in a transaction that occurred on Wednesday, January 8th. The stock was sold at an average price of $73.69, for a total value of $261,820.57. Following the completion of the sale, the insider now directly owns 25,085 shares in the company, valued at $1,848,513.65. This represents a 12.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total value of $137,820.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,915 shares of company stock valued at $1,209,567. Company insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of institutional investors have recently bought and sold shares of the business. First Turn Management LLC purchased a new stake in shares of Arcellx in the third quarter worth approximately $17,896,000. Charles Schwab Investment Management Inc. increased its stake in Arcellx by 4.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 328,093 shares of the company’s stock valued at $27,399,000 after buying an additional 14,200 shares during the period. Harbor Capital Advisors Inc. lifted its position in Arcellx by 37.0% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company’s stock worth $2,330,000 after buying an additional 7,534 shares in the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Arcellx by 2.1% during the 3rd quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company’s stock valued at $74,478,000 after buying an additional 18,004 shares during the period. Finally, Intech Investment Management LLC purchased a new position in shares of Arcellx during the 3rd quarter valued at $800,000. 96.03% of the stock is currently owned by institutional investors and hedge funds.

About Arcellx

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).