Arcellx, Inc. (NASDAQ:ACLX) Short Interest Down 5.8% in October

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) saw a large decrease in short interest in the month of October. As of October 31st, there was short interest totalling 3,930,000 shares, a decrease of 5.8% from the October 15th total of 4,170,000 shares. Based on an average daily volume of 520,900 shares, the short-interest ratio is presently 7.5 days. Currently, 9.7% of the company's shares are sold short.

Arcellx Trading Up 0.4 %

Arcellx stock traded up $0.39 during midday trading on Monday, reaching $88.22. The company's stock had a trading volume of 427,484 shares, compared to its average volume of 481,894. Arcellx has a 52 week low of $46.42 and a 52 week high of $107.37. The business has a 50-day moving average price of $85.97 and a 200-day moving average price of $67.76. The stock has a market cap of $4.77 billion, a PE ratio of -124.38 and a beta of 0.27.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, beating analysts' consensus estimates of ($0.54) by $0.06. Arcellx had a negative return on equity of 8.28% and a negative net margin of 25.94%. The firm had revenue of $26.03 million for the quarter, compared to analyst estimates of $35.21 million. As a group, research analysts predict that Arcellx will post -1.49 EPS for the current fiscal year.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 15,238 shares of the company's stock in a transaction dated 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 the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the company's stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $77.73, for a total value of $1,165,950.00. Following the completion of the sale, 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 disclosure for this sale can be found here. In the last three months, insiders have sold 119,557 shares of company stock worth $10,163,933. Company insiders own 6.24% of the company's stock.

Institutional Trading of Arcellx

Hedge funds have recently made changes to their positions in the company. RA Capital Management L.P. lifted its stake in shares of Arcellx by 15.4% in the third quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company's stock worth $154,617,000 after acquiring an additional 247,465 shares during the period. First Turn Management LLC acquired a new position in shares of Arcellx in the third quarter worth approximately $17,896,000. Great Point Partners LLC lifted its stake in shares of Arcellx by 64.0% in the second quarter. Great Point Partners LLC now owns 492,000 shares of the company's stock worth $27,153,000 after acquiring an additional 192,000 shares during the period. Bamco Inc. NY lifted its stake in shares of Arcellx by 292.1% in the first quarter. Bamco Inc. NY now owns 248,993 shares of the company's stock worth $17,317,000 after acquiring an additional 185,493 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Arcellx by 8.1% in the first quarter. Vanguard Group Inc. now owns 2,228,856 shares of the company's stock worth $155,017,000 after acquiring an additional 167,037 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

ACLX has been the subject of several recent analyst reports. Bank of America increased their price objective on Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Canaccord Genuity Group raised their price target on Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a report on Thursday, October 17th. Morgan Stanley raised their price target on Arcellx from $81.00 to $106.00 and gave the company an "overweight" rating in a report on Wednesday, November 6th. Needham & Company LLC reiterated a "buy" rating and set a $96.00 price objective on shares of Arcellx in a research report on Wednesday, November 6th. Finally, Redburn Atlantic initiated coverage on Arcellx in a research report on Tuesday, October 8th. They set a "buy" rating and a $109.00 price objective on the stock. Thirteen analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Arcellx has an average rating of "Buy" and a consensus price target of $103.08.

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).