Analyst John Newman of Canaccord Genuity maintained a Buy rating on Arcellx Inc (ACLX – Research Report), retaining the price target of $85.00.
John Newman has given his Buy rating due to a combination of factors that indicate a positive outlook for Arcellx Inc’s prospects. His assessment rests on the upcoming iMMagine-3 study, which is anticipated to commence in the second half of 2024. This study positions Arcellx to potentially serve a larger patient population in the second to fourth line treatment of Multiple Myeloma compared to the CARTITUDE-4 study. The iMMagine-3 trial’s design is differentiated and includes a broad array of standard-of-care regimens that are commonly utilized by community physicians, which could lead to wider adoption and stronger confidence in the treatment.
Furthermore, Newman notes the strategic benefit of iMMagine-3 allowing for the inclusion of patients previously treated with a specific regimen (daratumumab + Revlimid + dexamethasone), thereby widening the patient eligibility relative to competing studies. He also emphasizes the rapid manufacturing turnaround of approximately 17 days for Arcellx’s product, which is significantly quicker than the competitor’s timeline. This efficiency could result in cleaner study data and minimize patient progression during manufacturing. Combined with the strong efficacy shown by Arcellx’s anito-cel, particularly in severe cases of ExtraMedullary Disease, these factors underpin Newman’s optimistic valuation and support the maintenance of a Buy rating with an $85 price target.
Newman covers the Healthcare sector, focusing on stocks such as 2seventy bio, Atara Biotherapeutics, and Palatin Technologies. According to TipRanks, Newman has an average return of 8.6% and a 39.44% success rate on recommended stocks.
In another report released today, Barclays also maintained a Buy rating on the stock with a $73.00 price target.
TipRanks tracks over 100,000 company insiders, identifying the select few who excel in timing their transactions. By upgrading to TipRanks Premium, you will gain access to this exclusive data and discover crucial insights to guide your investment decisions. Begin your TipRanks Premium journey today.
Arcellx Inc (ACLX) Company Description:
Arcellx Inc is a clinical-stage biotechnology company reimagining cell therapy through the development of innovative immunotherapies for patients with cancer and other incurable diseases.
