Arcellx price target raised to $122 from $83 at Stifel

Stifel raised the firm’s price target on Arcellx (ACLX) to $122 from $83 and keeps a Buy rating on the shares. Safety has emerged as a key issue with BCMA-CAR-T and the investor debate is focused on whether this is a class effect, the analyst stated. Based on its diligence, the firm believes anito-cel is likely to exhibit materially less delayed neurotox than cilta-cel and if initial iMMagine-1 data at ASH support this, the firm thinks physician sentiment will “swing strongly in favor of anito-cel,” the analyst tells investors. The firm, which says it has become “more bullish” on the potential for anito-cel to differentiate on safety, notes that major market model adjustments move its target to $122 for Arcellx.