Arcellx, Inc. (NASDAQ:ACLX - Get Free Report) was the recipient of a significant increase in short interest during the month of January. As of January 31st, there was short interest totalling 7,310,000 shares, an increase of 9.1% from the January 15th total of 6,700,000 shares. Based on an average trading volume of 615,800 shares, the days-to-cover ratio is currently 11.9 days. Currently, 18.0% of the shares of the company are short sold.
Arcellx Price Performance
NASDAQ ACLX traded down $0.96 during trading on Wednesday, reaching $63.29. The company's stock had a trading volume of 456,381 shares, compared to its average volume of 638,468. The stock has a market capitalization of $3.42 billion, a PE ratio of -89.14 and a beta of 0.29. The firm has a fifty day moving average of $70.86 and a 200 day moving average of $77.09. Arcellx has a one year low of $47.88 and a one year high of $107.37.
Wall Street Analysts Forecast Growth
ACLX has been the topic of several recent research reports. Bank of America upped their price objective on shares of Arcellx from $84.00 to $100.00 and gave the company a "buy" rating in a report on Wednesday, November 6th. Truist Financial upped their price target on shares of Arcellx from $87.00 to $136.00 and gave the company a "buy" rating in a research note on Tuesday, November 12th. HC Wainwright reiterated a "buy" rating and issued a $115.00 price objective on shares of Arcellx in a research note on Tuesday, December 10th. Piper Sandler increased their target price on Arcellx from $91.00 to $115.00 and gave the stock an "overweight" rating in a research report on Friday, November 8th. Finally, Barclays upgraded Arcellx to a "strong-buy" rating in a research report on Friday, November 29th. Thirteen investment analysts have rated the stock with a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Arcellx currently has a consensus rating of "Buy" and a consensus target price of $105.93.
Check Out Our Latest Stock Report on Arcellx
Insider Buying and Selling at Arcellx
In other Arcellx news, insider Christopher Heery sold 3,061 shares of the business's stock in a transaction on Monday, January 6th. The stock was sold at an average price of $77.17, for a total value of $236,217.37. Following the sale, the insider now directly owns 32,456 shares in the company, valued at $2,504,629.52. The trade was a 8.62 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Kavita Patel sold 1,500 shares of the company's stock in a transaction on Tuesday, December 3rd. The shares were sold at an average price of $91.88, for a total value of $137,820.00. The disclosure for this sale can be found here. Insiders have sold a total of 15,915 shares of company stock worth $1,209,567 over the last three months. 6.24% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Arcellx
A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Mirae Asset Global Investments Co. Ltd. grew its stake 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 buying an additional 347 shares in the last quarter. abrdn plc purchased a new position in Arcellx in the third quarter worth $4,242,000. China Universal Asset Management Co. Ltd. increased its stake in Arcellx by 64.5% in the third quarter. China Universal Asset Management Co. Ltd. now owns 10,339 shares of the company's stock valued at $863,000 after acquiring an additional 4,052 shares during the last quarter. US Bancorp DE increased its stake in Arcellx by 60.0% in the third quarter. US Bancorp DE now owns 7,603 shares of the company's stock valued at $635,000 after acquiring an additional 2,851 shares during the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in Arcellx by 37.0% during the third quarter. Harbor Capital Advisors Inc. now owns 27,896 shares of the company's stock valued at $2,330,000 after purchasing an additional 7,534 shares in the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.
About Arcellx
(
Get Free Report)
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).
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