Arcellx, Inc. (NASDAQ:ACLX) Sees Significant Growth in Short Interest

Arcellx, Inc. (NASDAQ:ACLX) was the recipient of a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 5,810,000 shares, a growth of 6.6% from the December 15th total of 5,450,000 shares. Based on an average trading volume of 601,000 shares, the short-interest ratio is currently 9.7 days. Approximately 14.3% of the company’s shares are sold short.

Insider Activity

In other news, Director Kavita Patel sold 1,500 shares of the firm’s stock in a transaction dated Tuesday, January 14th. The stock was sold at an average price of $65.87, for a total transaction of $98,805.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Heery sold 3,061 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $77.17, for a total transaction of $236,217.37. Following the sale, the insider now owns 32,456 shares of the company’s stock, valued at approximately $2,504,629.52. This trade represents a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 64,916 shares of company stock valued at $6,377,335. Insiders own 6.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Quest Partners LLC bought a new stake in Arcellx in the second quarter worth $27,000. State of New Jersey Common Pension Fund D bought a new stake in shares of Arcellx during the 2nd quarter valued at about $649,000. Renaissance Technologies LLC bought a new position in Arcellx in the second quarter worth $1,494,000. Public Employees Retirement Association of Colorado purchased a new position in shares of Arcellx during the second quarter valued at approximately $178,000. Finally, Integral Health Asset Management LLC increased its holdings in shares of Arcellx by 7.8% during the second quarter. Integral Health Asset Management LLC now owns 275,000 shares of the company’s stock valued at $15,177,000 after acquiring an additional 20,000 shares in the last quarter. Institutional investors own 96.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on ACLX. Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They issued a “buy” rating and a $109.00 target price for the company. Robert W. Baird lifted their target price on Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Barclays raised Arcellx to a “strong-buy” rating in a research report on Friday, November 29th. Morgan Stanley upped their price objective on shares of Arcellx from $81.00 to $106.00 and gave the stock an “overweight” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group boosted their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, October 17th. Thirteen equities research analysts have rated the stock with a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and an average target price of $105.93.

Arcellx Price Performance

NASDAQ ACLX opened at $66.48 on Monday. The company’s 50 day simple moving average is $82.16 and its two-hundred day simple moving average is $76.43. Arcellx has a 1 year low of $47.88 and a 1 year high of $107.37. The stock has a market capitalization of $3.60 billion, a PE ratio of -93.63 and a beta of 0.33.

Arcellx (NASDAQ:ACLX) last announced 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 business had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. On average, research analysts anticipate that Arcellx will post -1.58 EPS 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).