Stifel initiates coverage on Arcellx stock with Buy rating, $129 price target

Investing.com - Stifel has initiated coverage on Arcellx Inc. (NASDAQ:ACLX), currently trading at $92.37 with a market capitalization of $5.1 billion, with a Buy rating and a price target of $129.00, citing the company’s promising multiple myeloma therapy. According to InvestingPro data, the stock has shown strong momentum with a 52% gain over the past six months.

The research firm believes Arcellx’s anito-cel is positioned to become a "best-in-class" BCMA-targeting CAR T therapy for multiple myeloma, with scenarios that could undermine this thesis unlikely to materialize.

Stifel anticipates a year-end 2025 BLA submission based on iMMagine-1 data, which could lead to approval and launch in the second half of 2026 for fourth-line and beyond patients.

The firm expects early 2027 iMMagine-3 mPFS data to support label expansion into second-line and beyond patients, where approximately 80% of Stifel’s peak $7 billion worldwide sales estimate is derived.

Stifel also highlights that Arcellx’s collaboration with Gilead provides a "distinct commercial advantage" through KITE cell therapy manufacturing infrastructure and patient support systems, which could accelerate profitability of the U.S. co-promote arrangement.

In other recent news, Arcellx Inc. has been the subject of a price target adjustment by Scotiabank. The firm raised its price target for Arcellx from $93 to $133 while maintaining a Sector Outperform rating. This adjustment comes in the wake of the departure of Vinay Prasad, the head of the FDA’s Center for Biologics Evaluation and Research. Scotiabank perceives this departure as removing a regulatory hurdle for Arcellx. These developments are part of recent changes impacting the company. Investors may find this information relevant as it reflects the evolving landscape surrounding Arcellx.

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