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

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

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Christopher Heery sold 3,061 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $77.17, for a total value of $236,217.37. Following the sale, the insider now owns 32,456 shares of the company’s stock, valued at $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. In the last ninety days, insiders sold 63,416 shares of company stock worth $6,242,800. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

A number of hedge funds have recently bought and sold shares of the business. Mirae Asset Global Investments Co. Ltd. boosted its position in Arcellx by 21.7% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company’s stock worth $161,000 after purchasing an additional 347 shares in the last quarter. KBC Group NV lifted its position in shares of Arcellx by 37.3% in the fourth quarter. KBC Group NV now owns 1,388 shares of the company’s stock valued at $106,000 after acquiring an additional 377 shares in the last quarter. High Net Worth Advisory Group LLC lifted its position in shares of Arcellx by 6.3% in the third quarter. High Net Worth Advisory Group LLC now owns 8,500 shares of the company’s stock valued at $710,000 after acquiring an additional 500 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Arcellx by 13.1% in the third quarter. Advisors Asset Management Inc. now owns 6,196 shares of the company’s stock valued at $517,000 after acquiring an additional 720 shares in the last quarter. Finally, Martingale Asset Management L P lifted its position in shares of Arcellx by 4.9% in the third quarter. Martingale Asset Management L P now owns 21,184 shares of the company’s stock valued at $1,769,000 after acquiring an additional 992 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $115.00 target price on shares of Arcellx in a research report on Tuesday, December 10th. Bank of America upped their target price on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their target price on Arcellx from $81.00 to $106.00 and gave the company an “overweight” rating in a research report on Wednesday, November 6th. Robert W. Baird upped 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. Finally, Truist Financial upped their target price on Arcellx from $87.00 to $136.00 and gave the company a “buy” rating in a research report on Tuesday, November 12th. Thirteen analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $105.93.

Arcellx Stock Up 0.8 %

Shares of ACLX opened at $68.13 on Monday. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of -95.96 and a beta of 0.33. The stock’s 50-day moving average price is $76.64 and its 200-day moving average price is $76.84. Arcellx has a 52 week low of $47.88 and a 52 week high of $107.37.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The company 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, equities analysts anticipate that Arcellx will post -1.58 EPS for the current fiscal year.

About Arcellx

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).