John Newman, an analyst from Canaccord Genuity, maintained the Buy rating on Arcellx Inc. The associated price target remains the same with $130.00.
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John Newman’s rating is based on several promising developments for Arcellx Inc. He anticipates positive outcomes from the upcoming ASH conference, where Arcellx is expected to present encouraging data on their iMMagine-1 study. This dataset is likely to highlight significant metrics such as the rate of MRD negativity and 18-month progression-free survival, which could bolster confidence in the company’s therapeutic prospects.
Additionally, John Newman foresees a potential BLA filing by the end of 2025 or early 2026, with a subsequent FDA approval anticipated in mid to late 2026. The commercial launch of anito-cel is expected to differ markedly from previous launches, with Arcellx preparing to meet the demand for 4L+ Multiple Myeloma patients effectively. The company’s strong cash position, which supports operations through 2028, further underpins the Buy rating, alongside the projected best-in-class profile of anito-cel compared to existing treatments.
In another report released on November 7, Needham also maintained a Buy rating on the stock with a $105.00 price target.
ACLX’s price has also changed dramatically for the past six months – from $59.500 to $90.145, which is a 51.50% increase.