S&P 500 falls as traders turn sour on tech
Investing.com - Canaccord Genuity raised its price target on Arcellx Inc. (NASDAQ:ACLX) to $130.00 from $121.00 on Monday, while maintaining a Buy rating on the stock. The new target represents a 44% upside from the current price of $90.25, and sits near the high end of analyst targets, which range from $88 to $134.
The research firm cited expectations for higher U.S. launch revenues from Arcellx ’s anito-cel therapy as the primary reason for the increased target.
Canaccord anticipates that Arcellx’s iMMagine-1 trial will demonstrate similar or better efficacy and improved safety compared to Legend/Johnson & Johnson’s CARTITUDE-1 study.
The firm expects an upcoming American Society of Hematology (ASH) update in early December to reinforce what it describes as anito-cel’s "best-in-class profile," while also noting that Kite’s collaboration should support a smooth commercial launch in the fourth quarter of 2026.
Canaccord highlighted that Arcellx currently has approximately $538 million in cash, which it believes will support the company’s operations into 2028 for key data readouts and the anito-cel launch without requiring additional fundraising. InvestingPro analysis confirms the company holds more cash than debt on its balance sheet, with liquid assets exceeding short-term obligations by a factor of 3.8. However, InvestingPro also notes the stock appears overvalued compared to its Fair Value estimate. With earnings expected in just 14 days, investors might want to explore the comprehensive Pro Research Report available for ACLX and 1,400+ other US equities.
In other recent news, Stifel has initiated coverage on Arcellx Inc. with a Buy rating and set a price target of $129. This development comes as the research firm highlights Arcellx’s promising multiple myeloma therapy, anito-cel. Stifel believes that anito-cel is well-positioned to become a "best-in-class" BCMA-targeting CAR T therapy for multiple myeloma. The firm suggests that scenarios undermining this potential are unlikely to occur. These insights from Stifel reflect a positive outlook on Arcellx’s therapeutic advancements. Investors may find this information noteworthy as it underscores the company’s strategic positioning in the biotech sector.
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