Arcellx, Inc. (NASDAQ:ACLX) Short Interest Up 17.5% in November

Arcellx, Inc. (NASDAQ:ACLX) was the target of a large increase in short interest during the month of November. As of November 30th, there was short interest totalling 5,230,000 shares, an increase of 17.5% from the November 15th total of 4,450,000 shares. Approximately 12.9% of the shares of the stock are short sold. Based on an average daily trading volume, of 545,200 shares, the days-to-cover ratio is currently 9.6 days.

Wall Street Analyst Weigh In

ACLX has been the subject of a number of recent 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 report on Wednesday, November 6th. Stifel Nicolaus lifted their price objective on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a research note on Friday, October 18th. Piper Sandler boosted their price target on shares of Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a research report on Friday, November 8th. HC Wainwright restated a “buy” rating and issued a $115.00 target price on shares of Arcellx in a report on Tuesday. Finally, Redburn Atlantic started coverage on Arcellx in a research note on Tuesday, October 8th. They issued a “buy” rating and a $109.00 price objective on the stock. Thirteen analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $105.93.

Arcellx Stock Up 0.5 %

ACLX opened at $83.80 on Friday. The company’s 50-day moving average price is $88.93 and its two-hundred day moving average price is $72.42. Arcellx has a twelve month low of $47.88 and a twelve month high of $107.37. The stock has a market cap of $4.53 billion, a price-to-earnings ratio of -118.03 and a beta of 0.25.

Arcellx (NASDAQ:ACLX) last issued its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.06. The firm 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 anticipate that Arcellx will post -1.49 earnings per share for the current year.

Insider Activity at Arcellx

In other news, Director Kavita Patel sold 33,763 shares of the company’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $104.14, for a total transaction of $3,516,078.82. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the sale, the chief financial officer now directly owns 6,915 shares in the company, valued at approximately $537,502.95. This trade represents a 68.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,001 shares of company stock valued at $6,568,393 over the last ninety days. 6.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its stake in Arcellx by 21.6% in the 2nd quarter. Bank of New York Mellon Corp now owns 147,198 shares of the company’s stock worth $8,124,000 after purchasing an additional 26,134 shares during the period. Allspring Global Investments Holdings LLC increased its position in shares of Arcellx by 37.8% in the second quarter. Allspring Global Investments Holdings LLC now owns 15,928 shares of the company’s stock worth $879,000 after purchasing an additional 4,372 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Arcellx by 34.3% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,811 shares of the company’s stock valued at $376,000 after purchasing an additional 1,740 shares during the last quarter. Principal Financial Group Inc. increased its holdings in shares of Arcellx by 1.4% in the 2nd quarter. Principal Financial Group Inc. now owns 37,352 shares of the company’s stock worth $2,061,000 after buying an additional 517 shares during the last quarter. Finally, Rhumbline Advisers raised its position in shares of Arcellx by 14.3% during the 2nd quarter. Rhumbline Advisers now owns 60,570 shares of the company’s stock valued at $3,343,000 after buying an additional 7,568 shares in the last quarter. 96.03% of the stock is owned by institutional investors.

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).