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Citi initiated coverage on Arcellx Inc. (NASDAQ:ACLX), a $3.53 billion market cap biotech company, Tuesday with a buy rating and a price target of $110.00, citing the significant potential of its cell therapy anito-cel. According to InvestingPro data, analysts maintain a strong buy consensus with price targets ranging from $93 to $134.
The investment bank highlighted anito-cel’s efficacy as comparable to leading CAR-T therapies like J&J/Legend’s Carvykti, while demonstrating a "significantly differentiated safety profile" that could help it capture a portion of the multi-billion-dollar multiple myeloma market.
Citi noted that anito-cel has shown no signs of the delayed neurotoxicities, such as parkinsonism and Guillain-Barré syndrome, that have been observed with Carvykti, suggesting a superior safety advantage.
The firm pointed to the potential for outpatient administration of anito-cel as another advantage, along with Kite’s reliable CAR-T manufacturing capabilities that could enable "broader accessibility and consistent delivery."
Citi’s analysts believe the recent pullback in Arcellx stock over the past six months, which saw shares decline 20% compared to a flat S&P 500, provides "an attractive risk reward" for investors.
In other recent news, Arcellx has maintained its buy rating from H.C. Wainwright, with a price target of $115.00. The company’s investor event at the EHA 2025 conference highlighted plans for launching anito-cel, a BCMA-CAR-T cell therapy for multiple myeloma, in partnership with Kite, a Gilead Sciences (NASDAQ:GILD) subsidiary. The launch strategy aims to reach over 160 Authorized Treatment Centers within the first year, surpassing previous competitor launches. Additionally, Arcellx plans to achieve 90% commercial insurance coverage within 90 days of the launch, expected in the second half of 2026.
In preparation for this, the company has announced the appointment of Andrew Galligan and Kristin Myers to its Board of Directors. Galligan and Myers bring significant experience in financial leadership and the healthcare industry, respectively, which will support Arcellx’s commercial strategies. The appointments follow the company’s business progress in 2024 and align with its strategic growth plans. Arcellx is gearing up for the anticipated commercial launch of anito-cel, emphasizing the potential impact on treating multiple myeloma. The company’s strategy involves leveraging Kite’s established infrastructure to support anito-cel’s commercialization.
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