Arcellx price target raised to $60 from $50 at H.C. Wainwright

H.C. Wainwright analyst Emily Bodnar raised the firm’s price target on Arcellx to $60 from $50 and keeps a Buy rating on the shares after the company announced that it is expanding its strategic partnership with Kite. The expansion of the partnership indicates Kite’s excitement over data with CART-ddBCMA in multiple myeloma, and could be seen as a positive indicator for the ongoing pivotal study, iMMagine-1, given this is an open-label study, the analyst tells investors in a research note. The firm continues to view CART-ddBCMA as a potentially best-in-class BCMA CAR-T therapy.