Needham analyst Gil Blum reiterated a Buy rating on Arcellx Inc (ACLX – Research Report) today and set a price target of $105.00.
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Gil Blum has given his Buy rating due to a combination of factors related to the promising clinical data for Arcellx Inc’s anito-cel treatment. The updated results from the iMMagine-1 study, which included 117 patients with relapsed or refractory multiple myeloma, demonstrated a high overall response rate of 97%, with 68% of patients achieving complete responses. Additionally, the treatment showed a notable 93% rate of minimal residual disease negativity among evaluable patients, which is significant given its inclusion as a primary endpoint in future studies.
Furthermore, the safety profile of anito-cel was reinforced by the absence of delayed neurotoxicity or severe cytokine release syndrome events, which are common concerns with similar treatments. The 12-month progression-free survival and overall survival rates were also encouraging, standing at 79% and 95%, respectively. These results suggest that anito-cel is performing comparably, if not better, than existing treatments like Carvykti, leading Gil Blum to maintain a Buy rating with a price target of $105.
In another report released today, H.C. Wainwright also maintained a Buy rating on the stock with a $115.00 price target.