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

Arcellx, Inc. (NASDAQ:ACLX) was the target of a large decline in short interest during 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. Based on an average trading volume of 520,900 shares, the short-interest ratio is presently 7.5 days. Approximately 9.7% of the shares of the stock are sold short.

Arcellx Stock Performance

Shares of ACLX stock opened at $87.59 on Wednesday. Arcellx has a one year low of $46.42 and a one year high of $107.37. The firm’s 50 day moving average price is $86.52 and its 200-day moving average price is $68.25. The firm has a market cap of $4.74 billion, a P/E ratio of -123.36 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. The business had revenue of $26.03 million for the quarter, compared to the consensus estimate 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, research analysts predict that Arcellx will post -1.49 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on ACLX. HC Wainwright increased their price objective on Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a report on Wednesday, November 6th. 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. Needham & Company LLC reiterated a “buy” rating and issued a $96.00 price objective on shares of Arcellx in a report on Wednesday, November 6th. Morgan Stanley increased their price target on shares of Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Finally, Piper Sandler boosted their target price on Arcellx from $91.00 to $115.00 and gave the company an “overweight” rating in a research note on Friday, November 8th. Thirteen research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $103.08.

Insider Buying and Selling

In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the completion of the transaction, the insider now directly owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 74.74 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $74.41, for a total transaction of $111,615.00. The disclosure for this sale can be found here. Insiders have sold 119,557 shares of company stock worth $10,163,933 in the last 90 days. Insiders own 6.24% of the company’s stock.

Institutional Investors Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently bought and sold shares of ACLX. Quest Partners LLC acquired a new stake in shares of Arcellx during the second quarter valued at $27,000. Plato Investment Management Ltd acquired a new stake in shares of Arcellx during the first quarter valued at about $51,000. Decheng Capital LLC purchased a new stake in Arcellx during the 2nd quarter worth approximately $65,000. National Bank of Canada FI raised its holdings in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock valued at $80,000 after acquiring an additional 500 shares in the last quarter. Finally, Quarry LP acquired a new stake in shares of Arcellx in the 3rd quarter valued at about $125,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

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).