Arcellx Inc. (ACLX) PT Raised to $83 at Stifel

Stifel analyst Ben Burnett raised the price target on Arcellx Inc. (NASDAQ: ACLX) to $83.00 (from $82.00) while maintaining a Buy rating.

The analyst commented: "ACLX disclosed the design of the ph3 early-line Multiple Myeloma study of anito-cel (iMMagine-3); to us, the study looks appropriately designed to capture 2L patients and compare anito-cel to relevant 2L SoC regimens. Most notably, ACLX projects that ~70% of MM patients will have been exposed to an anti-CD38 containing regimen in the 1L by the 2030s. iMMagine-3 will therefore enroll ~450 anti-CD38 and IMiD exposed patients, paving the path to what the company estimates is a $12b market opportunity. It was also disclosed that antio-cel will be manufactured by Kite/GILD as opposed to a CDMO (which is why iMMagine-2 was scrapped for iMMagine-3), where mgmt. noted a key focus is to achieve a 17-day turnaround time, in line with CD19 Kite/GILD CAR T products. Given the Carvykti-like efficacy in ph2, we think the PoS for iMMagine-3 (along with iMMagine-1) is high, and ascribe 75%. TP to $83/shr."

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