Arcellx price target raised to $66 from $49 at Canaccord

Canaccord raised the firm’s price target on Arcellx to $66 from $49 and keeps a Buy rating on the shares. The firm noted Kite has excercised its option to negotiate a license for ACLX-001, the company’s second asset in multiple myeloma, using Arcellx’s ARC-Sparx technology. Kite will make a $200M equity investment for 3.2M shares at $61.68 per share as well as an $85M upfront cash payment.