Arcellx downgraded to Neutral from Buy at Rothschild & Co Redburn

Rothschild & Co Redburn analyst Qize Ding downgraded Arcellx (ACLX) to Neutral from Buy with a price target of $82, down from $113. While the firm remains “bullish” on Arcellx’s lead asset, anito-cel, in late-line multiple myeloma, it has a conservative view on the CAR-T cell therapy class given the increase in competition from other modalities in larger markets in other lines, the analyst tells investors. The firm’s updated global peak end-user sales estimates are now about 15% below consensus, the analyst noted.