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

Arcellx, Inc. (NASDAQ:ACLX) was the target of a significant increase in short interest in 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 currently 8.8 days. Currently, 10.1% of the shares of the stock are sold short.

Insider Buying and Selling

In other Arcellx news, Director Jill Carroll sold 504,263 shares of Arcellx stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $70.55, for a total transaction of $35,575,754.65. Following the completion of the sale, the director now owns 1,479,148 shares of the company’s stock, valued at $104,353,891.40. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Arcellx news, Director Olivia C. Ware sold 9,402 shares of the company’s stock in a transaction that occurred on Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total transaction of $522,281.10. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jill Carroll sold 504,263 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $70.55, for a total value of $35,575,754.65. Following the transaction, the director now directly owns 1,479,148 shares of the company’s stock, valued at approximately $104,353,891.40. The disclosure for this sale can be found here. Insiders sold a total of 605,814 shares of company stock worth $42,439,893 over the last ninety days. 6.24% of the stock is owned by corporate insiders.

Institutional Trading of Arcellx

Several hedge funds have recently modified their holdings of ACLX. Principal Financial Group Inc. grew its position 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 valued at $2,562,000 after purchasing an additional 26,197 shares during the period. China Universal Asset Management Co. Ltd. grew its holdings in shares of Arcellx by 80.7% during 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 last quarter. Simplicity Wealth LLC bought a new position in shares of Arcellx during the first quarter valued at approximately $232,000. Allspring Global Investments Holdings LLC acquired a new position in shares of Arcellx during the first quarter worth approximately $804,000. Finally, High Net Worth Advisory Group LLC lifted its position in 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 purchasing an additional 1,000 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Arcellx Price Performance

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 stock has a market capitalization of $2.72 billion, a price-to-earnings ratio of -34.77 and a beta of 0.02. The business has a fifty day moving average price of $63.70 and a 200 day moving average price of $55.96.

Arcellx (NASDAQ:ACLX) last announced its earnings results on Wednesday, February 28th. The company reported $0.42 earnings per share (EPS) 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 firm had revenue of $63.15 million during the quarter, compared to analysts’ expectations of $20.07 million. During the same period in the prior year, the firm earned ($0.76) EPS. On average, research analysts anticipate that Arcellx will post -1.69 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on ACLX. 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 reiterated a “buy” rating and set a $81.00 price objective 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 stock an “outperform” rating in a report on Thursday, February 29th. Barclays upped their price objective on Arcellx from $62.00 to $73.00 and gave the stock an “overweight” rating in a report on Thursday, February 29th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $82.00 price objective on shares of Arcellx in a report on Thursday, March 14th. Twelve investment analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average 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).