Arcellx, Inc. (NASDAQ:ACLX) Short Interest Update

Arcellx, Inc. (NASDAQ:ACLX) was the recipient of a large decline in short interest during the month of July. As of July 31st, there was short interest totalling 4,470,000 shares, a decline of 10.6% from the July 15th total of 5,000,000 shares. Based on an average daily volume of 481,100 shares, the days-to-cover ratio is presently 9.3 days. Currently, 11.1% of the company’s shares are sold short.

Wall Street Analysts Forecast Growth

ACLX has been the subject of a number of research analyst reports. Canaccord Genuity Group restated a “buy” rating and issued a $85.00 target price on shares of Arcellx in a research note on Monday, July 22nd. Stifel Nicolaus raised their price objective on Arcellx from $82.00 to $83.00 and gave the stock a “buy” rating in a research note on Wednesday, May 15th. Needham & Company LLC reaffirmed a “buy” rating and set a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Truist Financial reiterated a “buy” rating and issued a $87.00 price target on shares of Arcellx in a report on Tuesday, June 18th. Finally, HC Wainwright decreased their price objective on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research note on Monday, May 13th. Thirteen investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $78.00.

Insider Activity

In related news, insider Christopher Heery sold 10,901 shares of the stock in a transaction dated Tuesday, July 16th. The shares were sold at an average price of $65.30, for a total value of $711,835.30. Following the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $605,853.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Arcellx news, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, July 9th. The shares were sold at an average price of $56.63, for a total transaction of $84,945.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Christopher Heery sold 10,901 shares of the firm’s stock in a transaction on Tuesday, July 16th. The stock was sold at an average price of $65.30, for a total transaction of $711,835.30. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $605,853.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 92,570 shares of company stock valued at $5,169,283. 6.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Arcellx

A number of institutional investors have recently added to or reduced their stakes in the stock. Quest Partners LLC purchased a new position in Arcellx in the 2nd quarter worth approximately $27,000. Plato Investment Management Ltd purchased a new position in Arcellx in the first quarter worth approximately $51,000. Decheng Capital LLC acquired a new stake in Arcellx during the second quarter worth $65,000. National Bank of Canada FI increased its stake in Arcellx by 50.0% during the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after acquiring an additional 500 shares during the last quarter. Finally, Public Employees Retirement Association of Colorado purchased a new stake in Arcellx in the second quarter valued at $178,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Performance

Shares of NASDAQ ACLX opened at $65.28 on Monday. The company has a market capitalization of $3.49 billion, a PE ratio of -63.38 and a beta of 0.23. The company’s fifty day moving average price is $57.81 and its 200 day moving average price is $59.23. Arcellx has a 1 year low of $30.88 and a 1 year high of $75.10.

Arcellx (NASDAQ:ACLX) last posted its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.52) by $0.01. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The business had revenue of $27.38 million for the quarter, compared to analyst estimates of $22.04 million. The firm’s revenue was up 91.5% on a year-over-year basis. On average, equities analysts expect that Arcellx will post -1.7 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).