Arcellx, Inc. (NASDAQ:ACLX) Short Interest Up 5.3% in October

Arcellx, Inc. (NASDAQ:ACLX) saw a large growth in short interest during the month of October. As of October 15th, there was short interest totalling 4,170,000 shares, a growth of 5.3% from the September 30th total of 3,960,000 shares. Based on an average daily trading volume, of 468,000 shares, the days-to-cover ratio is presently 8.9 days. Approximately 10.3% of the shares of the company are short sold.

Arcellx Stock Performance

Shares of NASDAQ:ACLX opened at $86.17 on Friday. The company has a market capitalization of $4.63 billion, a PE ratio of -82.86 and a beta of 0.25. Arcellx has a 52-week low of $35.01 and a 52-week high of $97.54. The company has a fifty day moving average of $80.27 and a 200-day moving average of $64.33.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The company had revenue of $27.38 million for the quarter, compared to analysts’ expectations of $22.04 million. The business’s revenue was up 91.5% on a year-over-year basis. On average, equities analysts forecast that Arcellx will post -1.65 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts have weighed in on ACLX shares. Canaccord Genuity Group upped their target price on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, October 17th. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Stifel Nicolaus increased their target price on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research report on Friday, October 18th. Needham & Company LLC restated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a report on Thursday. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Arcellx in a report on Monday, September 9th. Twelve research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $89.75.

Insiders Place Their Bets

In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction on Tuesday, October 22nd. The stock was sold at an average price of $89.69, for a total transaction of $134,535.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the completion of the sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 70,556 shares of company stock valued at $5,033,845. 6.24% of the stock is owned by insiders.

Institutional Investors Weigh In On Arcellx

Institutional investors and hedge funds have recently modified their holdings of the company. Great Point Partners LLC lifted its stake in Arcellx by 64.0% during the second quarter. Great Point Partners LLC now owns 492,000 shares of the company’s stock worth $27,153,000 after purchasing an additional 192,000 shares during the last quarter. Bamco Inc. NY lifted its stake in Arcellx by 292.1% during the first quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock worth $17,317,000 after purchasing an additional 185,493 shares during the last quarter. Vanguard Group Inc. lifted its stake in Arcellx by 8.1% during the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock worth $155,017,000 after purchasing an additional 167,037 shares during the last quarter. Affinity Asset Advisors LLC lifted its stake in Arcellx by 53.3% during the second quarter. Affinity Asset Advisors LLC now owns 460,000 shares of the company’s stock worth $25,387,000 after purchasing an additional 160,000 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD lifted its stake in Arcellx by 6.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock worth $93,514,000 after purchasing an additional 84,373 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

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).