Arcellx, Inc. (NASDAQ:ACLX) Short Interest Up 13.2% in November

Arcellx, Inc. (NASDAQ:ACLX) was the recipient of a large growth in short interest during 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. Currently, 10.9% of the company’s stock are sold short. Based on an average trading volume of 538,200 shares, the days-to-cover ratio is presently 8.3 days.

Wall Street Analyst Weigh In

ACLX has been the topic of several research reports. HC Wainwright increased their price objective on shares of Arcellx from $80.00 to $95.00 and gave the stock a “buy” rating in a research note on Wednesday, November 6th. Canaccord Genuity Group boosted their price objective on Arcellx from $85.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, October 17th. Redburn Atlantic started 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. Bank of America upped their price target on shares of Arcellx from $84.00 to $100.00 and gave the stock a “buy” rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird boosted their target price on shares of Arcellx from $77.00 to $106.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Thirteen analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Arcellx currently has a consensus rating of “Buy” and a consensus price target of $103.08.

Insider Buying and Selling at Arcellx

In other news, Director Kavita Patel sold 15,238 shares of the business’s stock in a transaction that occurred on Monday, November 11th. The stock was sold at an average price of $105.92, for a total value of $1,614,008.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Christopher Heery sold 3,421 shares of Arcellx stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $70.02, for a total transaction of $239,538.42. Following the completion of the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at approximately $649,645.56. This represents a 26.94 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 97,873 shares of company stock worth $8,621,767 in the last ninety days. 6.24% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Quest Partners LLC acquired a new stake in shares of Arcellx during the second quarter valued at approximately $27,000. Decheng Capital LLC acquired a new stake in shares of Arcellx in the second quarter worth about $65,000. National Bank of Canada FI lifted its stake in shares of Arcellx by 50.0% in the second quarter. National Bank of Canada FI now owns 1,500 shares of the company’s stock worth $80,000 after buying an additional 500 shares during the last quarter. Quarry LP bought a new position in shares of Arcellx in the third quarter worth about $125,000. Finally, Covestor Ltd increased its position in Arcellx by 53,766.7% during the third quarter. Covestor Ltd now owns 1,616 shares of the company’s stock worth $135,000 after acquiring an additional 1,613 shares during the period. Institutional investors own 96.03% of the company’s stock.

Arcellx Stock Down 1.1 %

Shares of Arcellx stock opened at $88.07 on Monday. The business has a fifty day simple moving average of $88.07 and a 200-day simple moving average of $70.36. Arcellx has a fifty-two week low of $46.42 and a fifty-two week high of $107.37. The firm has a market cap of $4.76 billion, a price-to-earnings ratio of -124.04 and a beta of 0.27.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings results on Thursday, November 7th. The company reported ($0.48) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.06. Arcellx had a negative net margin of 25.94% and a negative return on equity of 8.28%. The company had revenue of $26.03 million during the quarter, compared to the consensus estimate of $35.21 million. Analysts anticipate that Arcellx will post -1.49 earnings per share for the current fiscal year.

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).