Short Interest in Arcellx, Inc. (NASDAQ:ACLX) Expands By 5.3%

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) saw a significant growth in short interest during the month of October. As of October 15th, there was short interest totalling 4,170,000 shares, a growth of 5.3% from the September 30th total of 3,960,000 shares. Based on an average trading volume of 468,000 shares, the days-to-cover ratio is currently 8.9 days. Currently, 10.3% of the company's shares are sold short.

Analysts Set New Price Targets

Several research analysts have recently commented on ACLX shares. Redburn Atlantic assumed coverage on Arcellx in a research report on Tuesday, October 8th. They issued a "buy" rating and a $109.00 target price for the company. Needham & Company LLC reissued a "buy" rating and issued a $96.00 target price on shares of Arcellx in a report on Thursday. Canaccord Genuity Group lifted their price objective on shares of Arcellx from $85.00 to $115.00 and gave the company a "buy" rating in a research report on Thursday, October 17th. Stifel Nicolaus boosted their price target on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a research report on Friday, October 18th. Finally, Cantor Fitzgerald reissued an "overweight" rating on shares of Arcellx in a research note on Monday, September 9th. Twelve equities research 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 an average target price of $89.75.

Arcellx Stock Down 2.9 %

Shares of ACLX stock traded down $2.54 during trading hours on Thursday, reaching $84.27. 360,513 shares of the stock traded hands, compared to its average volume of 462,495. The firm has a market capitalization of $4.53 billion, a PE ratio of -79.33 and a beta of 0.25. Arcellx has a 1-year low of $32.90 and a 1-year high of $97.54. The business has a fifty day moving average price of $79.92 and a 200 day moving average price of $64.19.

Arcellx (NASDAQ:ACLX - Get Free Report) last released its earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.52) by $0.01. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The company had revenue of $27.38 million during the quarter, compared to analyst estimates of $22.04 million. The company's revenue was up 91.5% compared to the same quarter last year. Research analysts expect that Arcellx will post -1.65 earnings per share for the current fiscal year.

Insider Transactions at Arcellx

In related news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the transaction, the insider now owns 9,278 shares in the company, valued at approximately $621,904.34. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Christopher Heery sold 27,451 shares of Arcellx stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $67.03, for a total transaction of $1,840,040.53. Following the sale, the insider now owns 9,278 shares in the company, valued at $621,904.34. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Kavita Patel sold 1,500 shares of the firm'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 disclosure for this sale can be found here. Insiders have sold a total of 70,556 shares of company stock worth $5,033,845 in the last three months. 6.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Arcellx

A number of large investors have recently made changes to their positions in the business. Quest Partners LLC acquired a new position in Arcellx in the 2nd quarter valued at approximately $27,000. Plato Investment Management Ltd purchased a new stake in shares of Arcellx during the first quarter worth $51,000. Decheng Capital LLC acquired a new stake in Arcellx during the second quarter valued at $65,000. National Bank of Canada FI grew its stake in Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company's stock valued at $80,000 after purchasing an additional 500 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Arcellx by 21.7% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,944 shares of the company's stock worth $161,000 after purchasing an additional 347 shares during the last quarter. Institutional investors and hedge funds own 96.03% of the company's stock.

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).