Arcellx, Inc. (NASDAQ:ACLX) Sees Large Growth in Short Interest

Arcellx, Inc. (NASDAQ:ACLX) was the target of a significant growth in short interest in April. As of April 15th, there was short interest totalling 4,030,000 shares, a growth of 6.9% from the March 31st total of 3,770,000 shares. Currently, 10.1% of the shares of the stock are sold short. Based on an average daily volume of 459,700 shares, the days-to-cover ratio is currently 8.8 days.

Arcellx Trading Down 1.6 %

ACLX opened at $51.11 on Tuesday. Arcellx has a 12-month low of $30.74 and a 12-month high of $75.10. The business’s fifty day simple moving average is $63.70 and its 200-day simple moving average is $55.96. The company has a market capitalization of $2.72 billion, a price-to-earnings ratio of -34.77 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last issued its quarterly earnings data on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.53) by $0.95. Arcellx had a negative return on equity of 20.96% and a negative net margin of 64.08%. The company had revenue of $63.15 million for the quarter, compared to the consensus estimate of $20.07 million. During the same quarter last year, the company earned ($0.76) earnings per share. On average, equities research analysts predict that Arcellx will post -1.69 EPS for the current year.

Insider Activity at Arcellx

In other Arcellx news, insider Christopher Heery sold 3,456 shares of Arcellx stock in a transaction that occurred on Thursday, February 8th. The shares were sold at an average price of $62.29, for a total transaction of $215,274.24. Following the transaction, the insider now directly owns 36,958 shares of the company’s stock, valued at $2,302,113.82. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Arcellx news, insider Rami Elghandour sold 23,086 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $67.09, for a total transaction of $1,548,839.74. Following the completion of the transaction, the insider now owns 69,253 shares of the company’s stock, valued at $4,646,183.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Christopher Heery sold 3,456 shares of the firm’s stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $62.29, for a total value of $215,274.24. Following the transaction, the insider now directly owns 36,958 shares of the company’s stock, valued at approximately $2,302,113.82. The disclosure for this sale can be found here. Insiders have sold 605,814 shares of company stock valued at $42,439,893 over the last three months. 6.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Arcellx

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ACLX. Principal Financial Group Inc. raised its stake in shares of Arcellx by 246.3% in the first quarter. Principal Financial Group Inc. now owns 36,835 shares of the company’s stock worth $2,562,000 after purchasing an additional 26,197 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Arcellx by 80.7% in the first quarter. China Universal Asset Management Co. Ltd. now owns 10,177 shares of the company’s stock valued at $708,000 after purchasing an additional 4,545 shares during the period. Simplicity Wealth LLC acquired a new stake in Arcellx in the first quarter valued at approximately $232,000. Allspring Global Investments Holdings LLC acquired a new stake in shares of Arcellx in the first quarter worth approximately $804,000. Finally, High Net Worth Advisory Group LLC boosted its stake in shares of Arcellx by 14.3% in the first quarter. High Net Worth Advisory Group LLC now owns 8,000 shares of the company’s stock worth $556,000 after acquiring an additional 1,000 shares during the last quarter. 96.03% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. HC Wainwright boosted their target price on Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a research report on Thursday, February 29th. Needham & Company LLC restated a “buy” rating and set a $81.00 price target on shares of Arcellx in a research note on Thursday, April 11th. Robert W. Baird boosted their price target on Arcellx from $63.00 to $77.00 and gave the company an “outperform” rating in a research note on Thursday, February 29th. Stifel Nicolaus restated a “buy” rating and set a $82.00 price target on shares of Arcellx in a research note on Thursday, March 14th. Finally, Truist Financial boosted their price objective on Arcellx from $57.00 to $87.00 and gave the company a “buy” rating in a research note on Tuesday, March 5th. Twelve analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $75.64.

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).