Arcellx, Inc. (NASDAQ:ACLX) Short Interest Up 12.5% in August

Arcellx, Inc. (NASDAQ:ACLX) was the target of a large increase in short interest during the month of August. As of August 15th, there was short interest totalling 5,030,000 shares, an increase of 12.5% from the July 31st total of 4,470,000 shares. Approximately 12.5% of the shares of the stock are short sold. Based on an average daily trading volume, of 460,500 shares, the days-to-cover ratio is currently 10.9 days.

Analyst Ratings Changes

Several equities analysts have issued reports on the stock. Canaccord Genuity Group restated a “buy” rating and issued a $85.00 price target on shares of Arcellx in a research report on Monday, July 22nd. Piper Sandler began coverage on Arcellx in a report on Friday, May 31st. They set an “overweight” rating and a $70.00 target price on the stock. Stifel Nicolaus increased their price target on Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. HC Wainwright lowered their price objective on Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, May 13th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Friday, August 9th. Thirteen investment analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $78.00.

Arcellx Stock Up 1.9 %

NASDAQ:ACLX opened at $68.74 on Monday. The company has a fifty day moving average of $60.57 and a 200-day moving average of $59.54. The firm has a market capitalization of $3.68 billion, a P/E ratio of -66.74 and a beta of 0.23. Arcellx has a twelve month low of $30.88 and a twelve month high of $75.10.

Arcellx (NASDAQ:ACLX) last released its quarterly 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. The business had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx had a negative return on equity of 12.42% and a negative net margin of 37.23%. The company’s revenue for the quarter was up 91.5% compared to the same quarter last year. On average, analysts anticipate that Arcellx will post -1.64 EPS for the current fiscal year.

Insider Buying and Selling

In other Arcellx news, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, July 9th. The stock was sold at an average price of $56.63, for a total value of $84,945.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Christopher Heery sold 3,671 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $60.01, for a total transaction of $220,296.71. Following the completion of the transaction, the insider now directly owns 9,278 shares in the company, valued at $556,772.78. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Kavita Patel sold 1,500 shares of Arcellx stock in a transaction dated Tuesday, July 9th. The shares were sold at an average price of $56.63, for a total value of $84,945.00. The disclosure for this sale can be found here. Insiders sold a total of 102,133 shares of company stock worth $6,096,793 in the last ninety days. 6.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently modified their holdings of ACLX. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Arcellx by 36.2% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,405 shares of the company’s stock worth $355,000 after purchasing an additional 1,701 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in Arcellx by 6.3% in the 4th quarter. Russell Investments Group Ltd. now owns 189,542 shares of the company’s stock worth $10,520,000 after acquiring an additional 11,200 shares during the last quarter. Victory Capital Management Inc. raised its stake in Arcellx by 425.0% in the 4th quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock valued at $8,639,000 after acquiring an additional 126,002 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Arcellx by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 264,178 shares of the company’s stock worth $14,662,000 after purchasing an additional 3,722 shares in the last quarter. Finally, Jump Financial LLC bought a new stake in shares of Arcellx in the fourth quarter valued at approximately $843,000. 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).