Arcellx initiated with an Outperform at TD Cowen

TD Cowen initiated coverage of Arcellx (ACLX) with an Outperform rating and no price target. Arcellx is matching Carvykti’s efficacy with its “exceptionally novel” D-Domains technology, “which is impressive,” the analyst tells investors in a research note. The firm is confident CART-ddBCMA will exceed LEGEND-2’s progression free survival of 18 months and says it should be a multi-billion product with data that match Carvykti’s. As such, Arcellx’s valuation discrepancy to Legend Biotech (LEGN) “is far too great,” contends TD.