Arcellx, Inc. (NASDAQ:ACLX) Sees Large Increase in Short Interest

Arcellx, Inc. (NASDAQ:ACLX) was the target of a large increase in short interest in the month of January. As of January 31st, there was short interest totalling 7,310,000 shares, an increase of 9.1% from the January 15th total of 6,700,000 shares. Based on an average daily trading volume, of 615,800 shares, the days-to-cover ratio is currently 11.9 days. Currently, 18.0% of the company’s shares are short sold.

Insiders Place Their Bets

In related news, insider Christopher Heery sold 3,553 shares of the business’s stock in a transaction dated Wednesday, January 8th. The shares were sold at an average price of $73.69, for a total transaction of $261,820.57. Following the sale, the insider now owns 25,085 shares of the company’s stock, valued at $1,848,513.65. The trade was a 12.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $76.97, for a total value of $115,455.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 15,915 shares of company stock worth $1,209,567. 6.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors have recently modified their holdings of the company. Headlands Technologies LLC acquired a new stake in shares of Arcellx in the 4th quarter valued at about $41,000. KBC Group NV boosted its position in shares of Arcellx by 37.3% in the 4th quarter. KBC Group NV now owns 1,388 shares of the company’s stock valued at $106,000 after purchasing an additional 377 shares during the period. Quarry LP acquired a new stake in shares of Arcellx in the 3rd quarter valued at about $125,000. Quest Partners LLC boosted its position in shares of Arcellx by 210.1% in the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company’s stock valued at $128,000 after purchasing an additional 1,038 shares during the period. Finally, Covestor Ltd boosted its position in shares of Arcellx by 53,766.7% in the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company’s stock valued at $135,000 after purchasing an additional 1,613 shares during the period. 96.03% of the stock is owned by hedge funds and other institutional investors.

Arcellx Trading Up 2.4 %

ACLX stock opened at $65.23 on Monday. The business’s fifty day moving average price is $72.05 and its 200 day moving average price is $77.07. Arcellx has a 12-month low of $47.88 and a 12-month high of $107.37. The company has a market capitalization of $3.53 billion, a PE ratio of -91.87 and a beta of 0.29.

Analyst Upgrades and Downgrades

A number of brokerages have commented on ACLX. 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. Barclays upgraded Arcellx to a “strong-buy” rating in a research note on Friday, November 29th. HC Wainwright reissued a “buy” rating and set a $115.00 price target on shares of Arcellx in a report on Tuesday, December 10th. Needham & Company LLC restated a “buy” rating and issued a $105.00 price target on shares of Arcellx in a research report on Monday, December 9th. Finally, Piper Sandler lifted their price objective on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research report on Friday, November 8th. Thirteen research analysts have rated the stock with a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $105.93.

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).