Arcellx price target raised to $40 from $34 at Canaccord

Canaccord analyst JohnJohn Newman raised the firm’s price target on Arcellx to $40 from $34 and keeps a Buy rating on the shares. The analyst said we continue to believe the Arcellx / KITE partnership harnesses the best manufacturing expertise in the business, while competitors continue to deal with manufacturing challenges. Additionally, we continue to expect positive additional Phase 1 CART-ddBCMA data in 2H23 and will focus on PFS in particular.