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

Arcellx, Inc. (NASDAQ:ACLX) was the target of a large decrease in short interest in March. As of March 31st, there was short interest totaling 2,269,775 shares, a decrease of 51.7% from the March 15th total of 4,697,239 shares. Currently, 4.2% of the company’s shares are short sold. Based on an average trading volume of 1,487,311 shares, the days-to-cover ratio is currently 1.5 days.

Wall Street Analysts Forecast Growth

ACLX has been the subject of several research analyst reports. Guggenheim downgraded shares of Arcellx from a “buy” rating to a “neutral” rating and reduced their price target for the company from $120.00 to $115.00 in a research report on Wednesday, February 25th. Canaccord Genuity Group set a $115.00 price target on shares of Arcellx in a research report on Monday, February 23rd. Stifel Nicolaus restated a “hold” rating and issued a $115.00 price target (down from $127.00) on shares of Arcellx in a research report on Monday, February 23rd. Wells Fargo & Company downgraded shares of Arcellx from an “overweight” rating to an “equal weight” rating and set a $115.00 price target for the company. in a research report on Monday, February 23rd. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of Arcellx in a research report on Wednesday, January 21st. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, sixteen have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $111.87.

Insider Activity at Arcellx

In related news, insider Christopher Heery sold 5,882 shares of the company’s stock in a transaction that occurred on Wednesday, January 14th. The shares were sold at an average price of $68.51, for a total value of $402,975.82. Following the completion of the sale, the insider owned 23,749 shares in the company, valued at approximately $1,627,043.99. This represents a 19.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Rami Elghandour sold 89,916 shares of the company’s stock in a transaction that occurred on Friday, February 27th. The shares were sold at an average price of $113.92, for a total transaction of $10,243,230.72. Following the completion of the sale, the insider owned 276,051 shares of the company’s stock, valued at approximately $31,447,729.92. This trade represents a 24.57% decrease in their position. The SEC filing for this sale provides additional information. 8.35% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of ACLX. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Arcellx by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 28,753 shares of the company’s stock worth $1,893,000 after purchasing an additional 1,390 shares during the last quarter. Empowered Funds LLC acquired a new position in shares of Arcellx during the 1st quarter worth $1,768,000. Intech Investment Management LLC increased its stake in shares of Arcellx by 27.7% during the 1st quarter. Intech Investment Management LLC now owns 21,967 shares of the company’s stock worth $1,441,000 after purchasing an additional 4,760 shares during the last quarter. Prudential Financial Inc. increased its stake in shares of Arcellx by 49.2% during the 2nd quarter. Prudential Financial Inc. now owns 4,900 shares of the company’s stock worth $323,000 after purchasing an additional 1,615 shares during the last quarter. Finally, Norges Bank acquired a new position in shares of Arcellx during the 2nd quarter worth $739,000. Institutional investors and hedge funds own 96.03% of the company’s stock.

Arcellx Stock Up 0.0%

ACLX stock opened at $114.87 on Tuesday. Arcellx has a 12-month low of $47.86 and a 12-month high of $114.94. The company has a market cap of $6.72 billion, a price-to-earnings ratio of -28.22 and a beta of 0.25. The company has a 50 day moving average of $101.52 and a two-hundred day moving average of $85.25.

Arcellx (NASDAQ:ACLX) last released its earnings results on Thursday, February 26th. The company reported ($1.01) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($1.01). Arcellx had a negative net margin of 1,027.26% and a negative return on equity of 55.42%. The company had revenue of $1.65 million during the quarter, compared to the consensus estimate of $13.40 million. On average, research analysts anticipate that Arcellx will post -1.58 EPS for the current year.

Arcellx Company Profile

Arcellx, Inc (NASDAQ: ACLX) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation cell therapies for oncology and autoimmune diseases. The company’s proprietary ARC-SparX™ platform is designed to enable precise control over cell-surface receptor activation and to improve the safety, efficacy and durability of adoptive cell therapies. Leveraging this technology, Arcellx engineers immune cells with modular antigen-binding domains that can be exchanged to target a variety of disease-associated markers.

The company’s pipeline comprises multiple wholly owned programs in hematologic malignancies and solid tumors at various stages of preclinical and clinical development.