Arcellx price target raised to $70 from $58 at Guggenheim

Guggenheim analyst Kelsey Goodwin raised the firm’s price target on Arcellx (ACLX) to $70 from $58 and keeps a Buy rating on the shares after the company announced an expansion to their strategic partnership with Gilead’s (GILD) Kite. Arcellx will receive a $200M equity investment at $61.68 per share, up 30% from the prior day’s close, as well as an $85M upfront cash payment, which together extend the cash runway into 2027, notes the analyst, who adds that management highlighted that this partnership expansion allows the partners to advance a differentiated portfolio with a multi-pronged approach to treating multiple myeloma.