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

Arcellx, Inc. (NASDAQ:ACLX) saw a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 3,930,000 shares, a drop of 5.8% from the October 15th total of 4,170,000 shares. Approximately 9.7% of the shares of the company are short sold. Based on an average daily trading volume, of 520,900 shares, the days-to-cover ratio is presently 7.5 days.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ACLX. HC Wainwright raised their price target on Arcellx from $80.00 to $95.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Bank of America raised their price target on Arcellx from $84.00 to $100.00 and gave the company a “buy” rating in a report on Wednesday, November 6th. Robert W. Baird lifted their target price on Arcellx from $77.00 to $106.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Stifel Nicolaus lifted their target price on Arcellx from $83.00 to $122.00 and gave the stock a “buy” rating in a report on Friday, October 18th. Finally, Piper Sandler lifted their target price on Arcellx from $91.00 to $115.00 and gave the stock an “overweight” rating in a report on Friday, November 8th. Thirteen equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Arcellx has an average rating of “Buy” and a consensus price target of $103.08.

Insider Buying and Selling at Arcellx

In other news, CFO Michelle Gilson sold 15,000 shares of the firm’s stock in a transaction on Tuesday, September 17th. The stock was sold at an average price of $77.73, for a total transaction of $1,165,950.00. Following the transaction, the chief financial officer now directly owns 6,915 shares of the company’s stock, valued at approximately $537,502.95. This trade represents a 68.45 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Kavita Patel sold 33,763 shares of the firm’s stock in a transaction on Friday, November 8th. The shares were sold at an average price of $104.14, for a total value of $3,516,078.82. The disclosure for this sale can be found here. Over the last three months, insiders have sold 119,557 shares of company stock worth $10,163,933. 6.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcellx

A number of institutional investors have recently bought and sold shares of the stock. Quest Partners LLC acquired a new stake in Arcellx during the 2nd quarter worth about $27,000. Plato Investment Management Ltd acquired a new stake in Arcellx during the 1st quarter worth about $51,000. Decheng Capital LLC acquired a new stake in Arcellx during the 2nd quarter worth about $65,000. National Bank of Canada FI boosted its position in Arcellx by 50.0% during the 2nd 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 period. Finally, Quarry LP acquired a new stake in Arcellx during the 3rd quarter worth about $125,000. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Arcellx Trading Up 0.4 %

Shares of ACLX opened at $88.22 on Tuesday. The business’s 50-day moving average price is $85.97 and its 200 day moving average price is $67.76. The stock has a market capitalization of $4.77 billion, a P/E ratio of -124.25 and a beta of 0.27. Arcellx has a 1-year low of $46.42 and a 1-year 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 for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.06. The firm had revenue of $26.03 million for the quarter, compared to analysts’ expectations of $35.21 million. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. On average, research analysts predict that Arcellx will post -1.49 earnings per share 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).