Arcellx, Inc. (NASDAQ:ACLX) Short Interest Down 5.8% in October

Arcellx, Inc. (NASDAQ:ACLX) saw a significant drop in short interest during 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 trading volume, of 520,900 shares, the days-to-cover ratio is presently 7.5 days. Approximately 9.7% of the company’s stock are short sold.

Insider Buying and Selling at Arcellx

In other Arcellx news, 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 sale, the chief financial officer now owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was a 68.45 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Kavita Patel sold 15,238 shares of the stock in a transaction dated Monday, November 11th. The shares were sold at an average price of $105.92, for a total value of $1,614,008.96. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 119,557 shares of company stock worth $10,163,933. 6.24% of the stock is owned by insiders.

Institutional Trading of Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Sei Investments Co. raised its stake in Arcellx by 36.3% during the first quarter. Sei Investments Co. now owns 14,836 shares of the company’s stock worth $1,032,000 after purchasing an additional 3,951 shares during the period. ProShare Advisors LLC grew its position in Arcellx by 12.0% in the first quarter. ProShare Advisors LLC now owns 10,590 shares of the company’s stock worth $737,000 after acquiring an additional 1,131 shares during the period. Vanguard Group Inc. increased 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 acquiring an additional 167,037 shares during the last quarter. Acadian Asset Management LLC raised its position in Arcellx by 153.6% in the first quarter. Acadian Asset Management LLC now owns 7,882 shares of the company’s stock valued at $548,000 after purchasing an additional 4,774 shares during the period. Finally, Seven Eight Capital LP acquired a new position in shares of Arcellx in the 1st quarter valued at $1,207,000. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Price Performance

NASDAQ ACLX opened at $87.83 on Monday. Arcellx has a 1-year low of $46.42 and a 1-year high of $107.37. The company has a market cap of $4.75 billion, a PE ratio of -123.70 and a beta of 0.27. The stock’s 50 day simple moving average is $85.97 and its 200-day simple moving average is $67.76.

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

Analyst Ratings Changes

ACLX has been the topic of a number of research reports. Stifel Nicolaus raised their target price on shares of Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Truist Financial lifted their price objective on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research note on Tuesday, November 12th. Bank of America upped their target price on Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They set a “buy” rating and a $109.00 price target for the company. Finally, Morgan Stanley upped their price objective on Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Arcellx presently has an average rating of “Buy” and a consensus price target of $103.08.

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).