Short Interest in Arcellx, Inc. (NASDAQ:ACLX) Decreases By 10.6%

Arcellx, Inc. (NASDAQ:ACLX) was the target of a large decrease in short interest in the month of July. As of July 31st, there was short interest totalling 4,470,000 shares, a decrease of 10.6% from the July 15th total of 5,000,000 shares. Currently, 11.1% of the company’s shares are sold short. Based on an average daily volume of 481,100 shares, the days-to-cover ratio is presently 9.3 days.

Insider Transactions at Arcellx

In other Arcellx news, Director Kavita Patel sold 1,500 shares of the stock in a transaction dated Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total transaction of $92,955.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Christopher Heery sold 20,000 shares of Arcellx stock in a transaction on Wednesday, June 12th. The stock was sold at an average price of $55.13, for a total value of $1,102,600.00. Following the completion of the sale, the insider now directly owns 9,278 shares of the company’s stock, valued at $511,496.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Kavita Patel sold 1,500 shares of the business’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $61.97, for a total value of $92,955.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 92,570 shares of company stock worth $5,169,283. 6.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Arcellx by 36.2% in the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,405 shares of the company’s stock valued at $355,000 after acquiring an additional 1,701 shares in the last quarter. Federated Hermes Inc. boosted its position in shares of Arcellx by 200.6% in the 4th quarter. Federated Hermes Inc. now owns 214,599 shares of the company’s stock valued at $11,910,000 after purchasing an additional 143,212 shares during the period. Russell Investments Group Ltd. grew its stake in Arcellx by 6.3% during the 4th quarter. Russell Investments Group Ltd. now owns 189,542 shares of the company’s stock worth $10,520,000 after buying an additional 11,200 shares during the last quarter. Victory Capital Management Inc. increased its position in Arcellx by 425.0% during the fourth quarter. Victory Capital Management Inc. now owns 155,652 shares of the company’s stock worth $8,639,000 after buying an additional 126,002 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in Arcellx by 1.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 264,178 shares of the company’s stock valued at $14,662,000 after buying an additional 3,722 shares during the last quarter. 96.03% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of brokerages have issued reports on ACLX. Piper Sandler assumed coverage on shares of Arcellx in a research note on Friday, May 31st. They set an “overweight” rating and a $70.00 price target on the stock. HC Wainwright cut their target price on shares of Arcellx from $82.00 to $80.00 and set a “buy” rating on the stock in a research note on Monday, May 13th. Evercore ISI initiated coverage on shares of Arcellx in a research report on Tuesday, May 14th. They issued an “outperform” rating and a $85.00 price target for the company. Canaccord Genuity Group restated a “buy” rating and issued a $85.00 price target on shares of Arcellx in a research note on Monday, July 22nd. Finally, Stifel Nicolaus increased their price objective on Arcellx from $82.00 to $83.00 and gave the company a “buy” rating in a research note on Wednesday, May 15th. Thirteen research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $78.00.

Arcellx Stock Performance

NASDAQ:ACLX opened at $66.37 on Tuesday. Arcellx has a 1 year low of $30.88 and a 1 year high of $75.10. The stock has a market cap of $3.55 billion, a P/E ratio of -64.44 and a beta of 0.23. The stock has a 50-day simple moving average of $58.05 and a 200-day simple moving average of $59.25.

Arcellx (NASDAQ:ACLX) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.51) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.52) by $0.01. Arcellx had a negative return on equity of 13.11% and a negative net margin of 38.39%. The firm had revenue of $27.38 million during the quarter, compared to the consensus estimate of $22.04 million. Arcellx’s revenue for the quarter was up 91.5% compared to the same quarter last year. On average, equities research analysts predict 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).