Arcellx, Inc. (NASDAQ:ACLX) Short Interest Update

Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) saw a significant growth in short interest in the month of November. As of November 15th, there was short interest totalling 4,450,000 shares, a growth of 13.2% from the October 31st total of 3,930,000 shares. Approximately 10.9% of the shares of the company are sold short. Based on an average daily volume of 538,200 shares, the days-to-cover ratio is currently 8.3 days.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Canaccord Genuity Group increased their price target on shares of Arcellx from $85.00 to $115.00 and gave the stock a "buy" rating in a research report on Thursday, October 17th. Robert W. Baird raised their target price on Arcellx from $77.00 to $106.00 and gave the company an "outperform" rating in a report on Wednesday, November 6th. Stifel Nicolaus boosted their price target on Arcellx from $83.00 to $122.00 and gave the stock a "buy" rating in a report on Friday, October 18th. Piper Sandler raised their price objective on Arcellx from $91.00 to $115.00 and gave the company an "overweight" rating in a research note on Friday, November 8th. Finally, Redburn Atlantic began coverage on Arcellx in a research report on Tuesday, October 8th. They issued a "buy" rating and a $109.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $103.08.

Arcellx Price Performance

NASDAQ ACLX traded down $1.00 during trading hours on Friday, reaching $88.07. The company's stock had a trading volume of 219,462 shares, compared to its average volume of 636,853. Arcellx has a 52 week low of $46.42 and a 52 week high of $107.37. The stock has a market cap of $4.76 billion, a P/E ratio of -124.04 and a beta of 0.27. The firm has a fifty day simple moving average of $88.07 and a 200-day simple moving average of $70.23.

Arcellx (NASDAQ:ACLX - Get Free Report) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) EPS for the quarter, topping analysts' consensus estimates of ($0.54) by $0.06. The company had revenue of $26.03 million for 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%. On average, research analysts expect that Arcellx will post -1.49 earnings per share for the current year.

Insider Transactions at Arcellx

In related news, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction dated Tuesday, September 10th. The shares were sold at an average price of $74.41, for a total transaction of $111,615.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Christopher Heery sold 27,451 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was 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. The trade was a 74.74 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 97,873 shares of company stock valued at $8,621,767. 6.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Arcellx

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Geode Capital Management LLC boosted its stake in shares of Arcellx by 4.3% in the 3rd 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. Wellington Management Group LLP lifted its holdings in Arcellx by 15.2% in the third quarter. Wellington Management Group LLP now owns 20,968 shares of the company's stock valued at $1,751,000 after buying an additional 2,768 shares during the period. Quarry LP bought a new stake in Arcellx during the third quarter valued at $125,000. RA Capital Management L.P. grew its holdings in Arcellx by 15.4% during the 3rd 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. Finally, Jacobs Levy Equity Management Inc. raised its position in shares of Arcellx by 67.2% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 79,936 shares of the company's stock worth $6,675,000 after acquiring an additional 32,119 shares in the last quarter. Institutional investors and hedge funds 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).