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

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) saw a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 5,230,000 shares, an increase of 17.5% from the November 15th total of 4,450,000 shares. Based on an average trading volume of 545,200 shares, the days-to-cover ratio is currently 9.6 days. Approximately 12.9% of the company's shares are sold short.

Arcellx Stock Up 0.5 %

Shares of ACLX stock traded up $0.38 on Friday, reaching $83.80. The company's stock had a trading volume of 411,147 shares, compared to its average volume of 480,544. The company has a market capitalization of $4.53 billion, a P/E ratio of -118.03 and a beta of 0.25. Arcellx has a 12-month low of $47.88 and a 12-month high of $107.37. The stock's 50 day simple moving average is $88.93 and its 200-day simple moving average is $72.42.

Arcellx (NASDAQ:ACLX - Get Free Report) last announced its earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.06. The company had revenue of $26.03 million during the quarter, compared to analyst estimates of $35.21 million. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. Research analysts expect that Arcellx will post -1.49 EPS for the current year.

Wall Street Analyst Weigh In

ACLX has been the topic of several recent research reports. Cantor Fitzgerald reaffirmed an "overweight" rating on shares of Arcellx in a research report on Monday, September 9th. Piper Sandler raised their target price on Arcellx from $91.00 to $115.00 and gave the company an "overweight" rating in a report on Friday, November 8th. Robert W. Baird boosted their target price on Arcellx from $77.00 to $106.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Redburn Atlantic initiated coverage on Arcellx in a research note on Tuesday, October 8th. They set a "buy" rating and a $109.00 price target for the company. Finally, Barclays upgraded Arcellx to a "strong-buy" rating in a research note on Friday, November 29th. 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 company has an average rating of "Buy" and a consensus target price of $105.93.

Insider Activity at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the business's stock in a transaction on Tuesday, October 22nd. The shares were sold at an average price of $89.69, for a total transaction of $134,535.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Michelle Gilson sold 15,000 shares of the company'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 owns 6,915 shares in the company, valued at approximately $537,502.95. The trade was a 68.45 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 67,001 shares of company stock worth $6,568,393 over the last ninety days. Insiders own 6.24% of the company's stock.

Hedge Funds Weigh In On Arcellx

Large investors have recently added to or reduced their stakes in the business. Janus Henderson Group PLC increased its holdings in shares of Arcellx by 5.7% in the third quarter. Janus Henderson Group PLC now owns 2,011,950 shares of the company's stock worth $168,026,000 after buying an additional 109,332 shares during the period. RA Capital Management L.P. increased its stake in Arcellx by 15.4% in the 3rd quarter. RA Capital Management L.P. now owns 1,851,479 shares of the company's stock worth $154,617,000 after purchasing an additional 247,465 shares during the period. Geode Capital Management LLC lifted its position in Arcellx by 4.3% in the third quarter. Geode Capital Management LLC now owns 974,967 shares of the company's stock valued at $81,434,000 after purchasing an additional 39,781 shares during the last quarter. Lord Abbett & CO. LLC boosted its stake in shares of Arcellx by 2.1% during the third quarter. Lord Abbett & CO. LLC now owns 891,848 shares of the company's stock valued at $74,478,000 after purchasing an additional 18,004 shares during the period. Finally, Great Point Partners LLC grew its holdings 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 purchasing an additional 192,000 shares during the last quarter. Hedge funds and other institutional investors 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).