Canaccord Genuity analyst John Newman maintained a Buy rating on Arcellx Inc today and set a price target of $130.00.
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John Newman has given his Buy rating due to a combination of factors related to Arcellx Inc’s strategic positioning and the promising outlook for its CAR T-cell therapy, anito-cel. The recent FDA guidance suggests that single-group trials may be acceptable in certain circumstances, which aligns well with Arcellx’s iMMagine-1 trial design. This reduces the risk of the FDA requiring a randomized dataset for initial approval, thus potentially accelerating the approval process.
Furthermore, anito-cel’s safety profile, particularly the absence of delayed neurotoxicity, addresses an unmet medical need and enhances its approval prospects. The FDA’s acknowledgment of minimal residual disease as a potential endpoint further supports the clinical strategy for Arcellx’s future trials. These factors collectively contribute to a positive outlook for Arcellx, justifying the Buy rating with a price target of $130.
In another report released on December 9, Citi also reiterated a Buy rating on the stock with a $110.00 price target.