Canaccord Genuity analyst John Newman has maintained their bullish stance on ACLX stock, giving a Buy rating on October 3.
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John Newman has given his Buy rating due to a combination of factors that highlight the promising outlook for Arcellx Inc. The anticipated updates from the iMMagine-1 trial at the ASH conference are expected to show strong efficacy and safety results for anito-cel, particularly in comparison to Legend/JnJ’s CARTITUDE-1. The projected 18-month landmark Progression Free Survival (PFS) and Overall Survival (OS) rates are anticipated to surpass those of CARTITUDE-1, indicating a robust performance.
Furthermore, the safety profile of anito-cel is expected to remain clean, with no new adverse signals, which is a significant differentiator from CARVYKTI. The absence of delayed neurotoxicities and parkinsonism, which were present in CARTITUDE-1, underscores anito-cel’s superior safety. Additionally, the expected timeline for a BLA filing by the end of 2025 or early 2026, along with Arcellx’s strong cash position, supports the company’s ability to advance its clinical programs and market launch plans effectively. These factors collectively justify the Buy rating and the $121 price target.
In another report released on October 3, Bank of America Securities also maintained a Buy rating on the stock with a $112.00 price target.