Arcellx price target raised to $81 from $72 at Needham

Needham analyst Gil Blum raised the firm’s price target on Arcellx (ACLX) to $81 from $72 and keeps a Buy rating on the shares. The analyst sees a “positive readthrough” for the company after the U.S. Food and Drug Administration’s Oncologic Drugs Advisory Committee, or ODAC, voted unanimously in favor of Johnson & Johnson (JNJ) Carvykti and for Bristol Myers’ (BMY) Abecma as treatment for adult patients with relapsed or refractory multiple myeloma. These positive votes pave the way for future CAR-Ts in earlier lines of multiple myeloma, and anito-cel specifically, given its similarities to Carvykti, the firm tells investors in a research note.