Arcellx Inc (ACLX – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Judah Frommer from Morgan Stanley maintained a Buy rating on the stock and has a $111.00 price target.
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Judah Frommer has given his Buy rating due to a combination of factors surrounding Arcellx Inc’s recent developments. The company has presented promising data from its Phase 2 iMMagine-1 trial, which focuses on late-line relapsed/refractory multiple myeloma patients. The trial results have shown a differentiated safety profile for their product, anito-cel, particularly in terms of delayed neurotoxicity, which is a significant concern in similar therapies.
Moreover, the efficacy of anito-cel appears to be on par with Carvykti, a comparable treatment, across various measures such as overall response rate, complete response rate, and survival. This alignment in efficacy, coupled with a favorable safety profile, positions anito-cel as a competitive option in the market. These factors, along with expert opinions suggesting the patient populations in the trials are comparable, support Frommer’s positive outlook on Arcellx Inc’s stock.
In another report released yesterday, Needham also reiterated a Buy rating on the stock with a $105.00 price target.