Arcellx, Inc. (NASDAQ:ACLX) Short Interest Update

Arcellx, Inc. (NASDAQ:ACLX) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 3,930,000 shares, a drop of 5.8% from the October 15th total of 4,170,000 shares. Based on an average daily volume of 520,900 shares, the days-to-cover ratio is presently 7.5 days. Currently, 9.7% of the company’s stock are short sold.

Insider Buying and Selling

In related news, insider Christopher Heery sold 21,684 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $71.12, for a total value of $1,542,166.08. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $659,851.36. This trade represents a 70.03 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Michelle Gilson sold 15,000 shares of Arcellx stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 119,557 shares of company stock worth $10,163,933. 6.24% of the stock is owned by company insiders.

Hedge Funds Weigh In On Arcellx

Institutional investors have recently modified their holdings of the stock. RA Capital Management L.P. raised its position in shares of Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company’s stock valued at $154,617,000 after acquiring an additional 247,465 shares during the period. First Turn Management LLC acquired a new stake in Arcellx in the third quarter worth $17,896,000. Great Point Partners LLC boosted its position in shares of 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 in the last quarter. Bamco Inc. NY grew its holdings in shares of Arcellx by 292.1% in the 1st quarter. Bamco Inc. NY now owns 248,993 shares of the company’s stock valued at $17,317,000 after buying an additional 185,493 shares during the period. Finally, Vanguard Group Inc. increased its position in shares of Arcellx by 8.1% in the 1st quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company’s stock valued at $155,017,000 after buying an additional 167,037 shares in the last quarter. 96.03% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

ACLX has been the subject of several research reports. Bank of America increased their price objective on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Robert W. Baird increased their price objective on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Morgan Stanley raised their price target on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Redburn Atlantic started coverage on Arcellx in a report on Tuesday, October 8th. They set a “buy” rating and a $109.00 target price on the stock. Finally, Piper Sandler lifted their price target on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a report on Friday, November 8th. Thirteen 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, Arcellx currently has a consensus rating of “Buy” and a consensus price target of $103.08.

Arcellx Stock Performance

Shares of ACLX stock opened at $87.59 on Wednesday. The firm’s 50 day moving average price is $86.52 and its two-hundred day moving average price is $68.25. Arcellx has a 52-week low of $46.42 and a 52-week high of $107.37. The stock has a market cap of $4.74 billion, a PE ratio of -123.36 and a beta of 0.27.

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

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).