Short Interest in Arcellx, Inc. (NASDAQ:ACLX) Decreases By 5.8%

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

Analyst Ratings Changes

A number of research firms have issued reports on ACLX. HC Wainwright upped their target price on shares of Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Bank of America upped their target price on shares of Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Redburn Atlantic began coverage on shares of Arcellx in a report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price on the stock. Morgan Stanley upped their target price on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a report on Wednesday, November 6th. Finally, Robert W. Baird upped their target price on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Thirteen equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $103.08.

Insider Buying and Selling at Arcellx

In related news, insider Christopher Heery sold 21,684 shares of the business’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $71.12, for a total value of $1,542,166.08. Following the sale, the insider now directly owns 9,278 shares in the company, valued at $659,851.36. The trade was a 70.03 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Michelle Gilson sold 15,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The stock was 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 $537,502.95. This represents a 68.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 119,557 shares of company stock valued at $10,163,933. 6.24% of the stock is owned by company insiders.

Institutional Trading of Arcellx

Large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Arcellx by 8.1% during 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 during the last quarter. Janus Henderson Group PLC boosted its stake in shares of Arcellx by 5.7% during the 3rd quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company’s stock valued at $168,026,000 after buying an additional 109,332 shares during the last quarter. RA Capital Management L.P. boosted its stake in shares of Arcellx by 15.4% during 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 buying an additional 247,465 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its stake in shares of Arcellx by 6.7% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,344,553 shares of the company’s stock valued at $93,514,000 after buying an additional 84,373 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in Arcellx by 4.3% during the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company’s stock worth $81,434,000 after purchasing an additional 39,781 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Performance

ACLX opened at $88.22 on Tuesday. The firm has a 50 day moving average price of $85.97 and a 200 day moving average price of $67.76. The company has a market cap of $4.77 billion, a PE ratio of -124.25 and a beta of 0.27. Arcellx has a 1 year low of $46.42 and a 1 year high of $107.37.

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

Arcellx Company Profile

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).