Arcellx initiated with a Buy at UBS

UBS initiated coverage of Arcellx with a Buy rating and $52 price target. Arcellx’s CART-ddBCMA is uniquely well-positioned for relapsed/ refractory multiple myeloma market, the analyst tells investors in a research note. UBS conservatively estimates 60% PoS with risk-adjusted sales of $1B globally by 2035, and believes Arcellx’s collaboration agreement with Kite provides a competitive advantage.