Short Interest in Arcellx, Inc. (NASDAQ:ACLX) Increases By 6.6%

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) was the recipient of a significant increase in short interest in the month of January. As of January 15th, there was short interest totalling 5,810,000 shares, an increase of 6.6% from the December 31st total of 5,450,000 shares. Based on an average daily volume of 601,000 shares, the days-to-cover ratio is currently 9.7 days. Currently, 14.3% of the shares of the company are sold short.

Insiders Place Their Bets

In other Arcellx news, Director Kavita Patel sold 15,238 shares of the business's stock in a transaction dated Monday, November 11th. The stock was sold at an average price of $105.92, for a total transaction of $1,614,008.96. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Christopher Heery sold 3,301 shares of the business's stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $79.55, for a total value of $262,594.55. Following the sale, the insider now owns 35,517 shares in the company, valued at approximately $2,825,377.35. The trade was a 8.50 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 64,916 shares of company stock valued at $6,339,655 over the last 90 days. 6.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arcellx

Hedge funds and other institutional investors have recently modified their holdings of the stock. KBC Group NV raised its position in Arcellx by 37.3% during the 4th quarter. KBC Group NV now owns 1,388 shares of the company's stock valued at $106,000 after purchasing an additional 377 shares during the last quarter. Quarry LP purchased a new stake in Arcellx during the 3rd quarter valued at $125,000. Quest Partners LLC lifted its holdings in shares of Arcellx by 210.1% during the 3rd quarter. Quest Partners LLC now owns 1,532 shares of the company's stock valued at $128,000 after buying an additional 1,038 shares during the period. Covestor Ltd lifted its holdings in shares of Arcellx by 53,766.7% during the 3rd quarter. Covestor Ltd now owns 1,616 shares of the company's stock valued at $135,000 after buying an additional 1,613 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. lifted 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 valued at $161,000 after purchasing an additional 347 shares in the last quarter. Institutional investors own 96.03% of the company's stock.

Arcellx Stock Performance

Arcellx stock traded up $0.54 during midday trading on Wednesday, hitting $68.26. 263,291 shares of the company's stock were exchanged, compared to its average volume of 680,920. Arcellx has a 52-week low of $47.88 and a 52-week high of $107.37. The stock has a 50-day moving average price of $75.68 and a two-hundred day moving average price of $76.90. The company has a market cap of $3.69 billion, a P/E ratio of -96.20 and a beta of 0.29.

Arcellx (NASDAQ:ACLX - Get Free Report) last posted its earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping the consensus estimate 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 business had revenue of $26.03 million during the quarter, compared to analysts' expectations of $35.21 million. As a group, sell-side analysts expect that Arcellx will post -1.58 earnings per share for the current year.

Analyst Upgrades and Downgrades

ACLX has been the topic of several analyst reports. Morgan Stanley increased 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. UBS Group raised their price objective on shares of Arcellx from $106.00 to $114.00 and gave the stock a "buy" rating in a research note on Tuesday, December 10th. Bank of America raised their price objective on shares of Arcellx from $84.00 to $100.00 and gave the stock a "buy" rating in a research note on Wednesday, November 6th. Canaccord Genuity Group raised their price objective on shares of Arcellx from $85.00 to $115.00 and gave the stock a "buy" rating in a research note on Thursday, October 17th. Finally, Truist Financial raised their target price on Arcellx from $87.00 to $136.00 and gave the stock a "buy" rating in a research report on Tuesday, November 12th. Thirteen research analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $105.93.

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).