Needham analyst Gil Blum raised the firm’s price target on Arcellx (ACLX) to $71 from $65 and keeps a Buy rating on the shares. The firm has also named the stock as its Top Pick for 2024 and added the name to the Needham Conviction List, replacing Sarepta Therapeutics (SRPT). The stock rose 75% in 2023 and the firm sees more upside in 2024 on expectation of strong results from the upcoming pivotal interim readout from the iMMagine-1 study in the second half of the year that will support filing in 2025, the analyst tells investors in a research note. Needham adds that it sees an opportunity for value creation in early 2024 with Arcellx disclosure of clinical design in earlier line settings.
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