Baird initiated coverage of Arcellx with an Outperform rating and $39 price target. The company’s lead asset is CART-ddBCMA, an autologous CART for the treatment of multiple myeloma, the analyst tells investors in a research note. Clinical data from the Phase 1 study leads the firm to believe this treatment possesses "best-in-class potential." Further, it is encouraged by the recent co-development/co-promotion deal with Kite, a leader in the CART space.
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