Arcellx initiated with an Outperform at Scotiabank

Scotiabank initiated coverage of Arcellx (ACLX) with an Outperform rating and $66 price target. The company’s Phase 1 results, as well as a co-development partnership with Gilead’s (GILD) Kite, support a “potentially best-in-class profile” for its lead autologous cell therapy asset, anitocabtagene autoleucel for the treatment of multiple myeloma, the analyst tells investors.