Gilead price target raised to $104 from $96 at Piper Sandler

Piper Sandler analyst Do Kim raised the firm’s price target on Gilead Sciences (GILD) to $104 from $96 and keeps an Overweight rating on the shares after the company and Arcellx (ACLX) entered a collaboration to develop and commercialize Arcellx’s lead Phase 2 program, CART-ddBCMA for multiple myeloma. The partnership makes strategic sense for Gilead, as it leverages Kite’s cell therapy manufacturing capabilities and global commercial reach, Kim tells investors in a research note. The analyst says that despite a fairly crowded space, CART-ddBCMA has shown competitive early data versus the leading BCMA-targeting therapies to have a role in the "sizeable" multiple myeloma market.