Arcellx, Inc. (NASDAQ:ACLX) Short Interest Up 6.9% in April

Arcellx, Inc. (NASDAQ:ACLX) was the recipient of a large increase in short interest during the month of April. As of April 15th, there was short interest totalling 4,030,000 shares, an increase of 6.9% from the March 31st total of 3,770,000 shares. Based on an average daily trading volume, of 459,700 shares, the days-to-cover ratio is presently 8.8 days. Currently, 10.1% of the company’s shares are sold short.

Arcellx Price Performance

ACLX stock opened at $50.02 on Wednesday. Arcellx has a 1-year low of $30.74 and a 1-year high of $75.10. The business has a fifty day moving average price of $63.50 and a 200-day moving average price of $56.08. The stock has a market capitalization of $2.67 billion, a P/E ratio of -34.03 and a beta of 0.02.

Arcellx (NASDAQ:ACLX) last posted its quarterly earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share for the quarter, topping the consensus estimate 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 firm had revenue of $63.15 million during the quarter, compared to analysts’ expectations of $20.07 million. During the same quarter in the previous year, the business earned ($0.76) earnings per share. As a group, analysts anticipate that Arcellx will post -1.69 earnings per share for the current year.

Insider Transactions at Arcellx

In other news, insider Christopher Heery sold 2,967 shares of Arcellx stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $64.46, for a total value of $191,252.82. Following the sale, the insider now directly owns 30,303 shares in the company, valued at approximately $1,953,331.38. The sale was disclosed in a filing with the SEC, which is available through this link. In other news, insider Christopher Heery sold 2,967 shares of Arcellx stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $64.46, for a total value of $191,252.82. Following the sale, the insider now directly owns 30,303 shares in the company, valued at approximately $1,953,331.38. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Jill Carroll sold 504,263 shares of Arcellx stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $70.55, for a total value of $35,575,754.65. Following the completion of the sale, the director now owns 1,479,148 shares in the company, valued at $104,353,891.40. The disclosure for this sale can be found here. In the last three months, insiders have sold 605,814 shares of company stock worth $42,439,893. 6.24% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ACLX. Amalgamated Bank increased its position in Arcellx by 5.6% during the third quarter. Amalgamated Bank now owns 5,772 shares of the company’s stock valued at $207,000 after acquiring an additional 308 shares during the last quarter. E Fund Management Co. Ltd. increased its position in Arcellx by 5.3% during the third quarter. E Fund Management Co. Ltd. now owns 8,156 shares of the company’s stock valued at $293,000 after acquiring an additional 407 shares during the last quarter. Alps Advisors Inc. increased its position in Arcellx by 1.2% during the third quarter. Alps Advisors Inc. now owns 35,710 shares of the company’s stock valued at $1,281,000 after acquiring an additional 432 shares during the last quarter. High Net Worth Advisory Group LLC increased its position in Arcellx by 7.7% during the fourth quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock valued at $388,000 after acquiring an additional 500 shares during the last quarter. Finally, Profund Advisors LLC increased its position in Arcellx by 2.0% in the third quarter. Profund Advisors LLC now owns 26,872 shares of the company’s stock worth $964,000 after buying an additional 527 shares in the last quarter. Hedge funds and other institutional investors own 96.03% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on ACLX shares. Robert W. Baird lifted their price target on Arcellx from $63.00 to $77.00 and gave the company an “outperform” rating in a research report on Thursday, February 29th. Scotiabank restated an “outperform” rating and set a $82.00 price target on shares of Arcellx in a research report on Thursday, April 4th. Barclays boosted their target price on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Needham & Company LLC reissued a “buy” rating and issued a $81.00 target price on shares of Arcellx in a report on Thursday, April 11th. Finally, HC Wainwright boosted their target price on Arcellx from $60.00 to $82.00 and gave the stock a “buy” rating in a report on Thursday, February 29th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $75.64.

About Arcellx

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).