Arcellx, Inc. (NASDAQ:ACLX) Short Interest Up 10.3% in June

Arcellx, Inc. (NASDAQ:ACLX) was the recipient of a large increase in short interest during the month of June. As of June 15th, there was short interest totalling 4,810,000 shares, an increase of 10.3% from the May 31st total of 4,360,000 shares. Based on an average trading volume of 464,200 shares, the days-to-cover ratio is currently 10.4 days. Approximately 12.0% of the shares of the stock are short sold.

Insiders Place Their Bets

In other Arcellx news, Director Olivia C. Ware sold 9,402 shares of the company’s stock in a transaction 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 this link. In other Arcellx news, insider Christopher Heery sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, July 1st. The shares were sold at an average price of $55.39, for a total value of $1,107,800.00. Following the transaction, the insider now directly owns 9,278 shares of the company’s stock, valued at $513,908.42. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Olivia C. Ware sold 9,402 shares of Arcellx stock in a transaction on Tuesday, April 16th. The stock was sold at an average price of $55.55, for a total transaction of $522,281.10. The disclosure for this sale can be found here. Insiders have sold a total of 102,568 shares of company stock valued at $5,514,095 in the last 90 days. 6.24% of the stock is currently owned by insiders.

Institutional Trading of Arcellx

Several hedge funds have recently added to or reduced their stakes in the company. Alps Advisors Inc. grew its holdings in shares of Arcellx by 1.2% during the 3rd quarter. Alps Advisors Inc. now owns 35,710 shares of the company’s stock worth $1,281,000 after purchasing an additional 432 shares in the last quarter. High Net Worth Advisory Group LLC raised its holdings in Arcellx by 7.7% in the 4th quarter. High Net Worth Advisory Group LLC now owns 7,000 shares of the company’s stock valued at $388,000 after buying an additional 500 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in Arcellx during the 1st quarter worth approximately $51,000. Rhumbline Advisers grew its holdings in Arcellx by 1.8% during the 3rd quarter. Rhumbline Advisers now owns 51,352 shares of the company’s stock worth $1,842,000 after acquiring an additional 923 shares during the last quarter. Finally, Exchange Traded Concepts LLC increased its position in Arcellx by 34.0% in the 4th quarter. Exchange Traded Concepts LLC now owns 4,241 shares of the company’s stock valued at $235,000 after acquiring an additional 1,076 shares during the period. 96.03% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on ACLX shares. Evercore ISI started coverage on Arcellx in a report on Tuesday, May 14th. They set an “outperform” rating and a $85.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $81.00 price objective on shares of Arcellx in a research report on Tuesday, May 7th. HC Wainwright lowered their price objective on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating for the company in a research report on Monday, May 13th. Truist Financial reissued a “buy” rating and issued a $87.00 price target on shares of Arcellx in a research note on Tuesday, June 18th. Finally, Stifel Nicolaus boosted their target price on Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Thirteen investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and a consensus price target of $78.00.

Arcellx Stock Up 2.8 %

NASDAQ:ACLX opened at $54.72 on Thursday. Arcellx has a 12-month low of $30.74 and a 12-month high of $75.10. The stock’s 50 day moving average price is $52.87 and its two-hundred day moving average price is $58.34. The firm has a market capitalization of $2.93 billion, a price-to-earnings ratio of -53.13 and a beta of 0.23.

Arcellx (NASDAQ:ACLX) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.37. The firm had revenue of $39.26 million during the quarter, compared to analysts’ expectations of $20.67 million. Arcellx had a negative net margin of 38.39% and a negative return on equity of 13.11%. The company’s revenue for the quarter was up 119.2% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.58) earnings per share. Equities research analysts expect that Arcellx will post -1.7 EPS for the current year.

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).