Analyst John Newman from Canaccord Genuity maintained a Buy rating on Arcellx Inc and keeping the price target at $121.00.
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John Newman’s rating is based on several compelling factors regarding Arcellx Inc’s potential in the market. A significant reason for the Buy rating is the anticipated robust filing of Arcellx’s anito-cel BLA by the end of 2025 or early 2026. This filing is expected to include over 12 months of median follow-up time for responders, which supports a high probability of FDA approval in 2026.
Furthermore, Arcellx’s anito-cel is favorably positioned when compared to other FDA-approved CART therapies for Multiple Myeloma, such as Bristol’s ABECMA and Legend/JNJ’s CARVYKTI, due to its longer median follow-up time. The iMMagine-1 trial’s follow-up is expected to exceed the typical 9-12 months preferred by the FDA, enhancing the durability evaluation. Additionally, Arcellx’s strong cash position of $538M is projected to support the company through 2028, ensuring financial stability for key data readouts and the launch of anito-cel.