Arcellx rises as brokerage Leerink lifts PT

Arcellx

19/12/2023 17:10

** Shares of Arcellx  ACLX.O  rise 4% to $51.7 in morning
trade
    ** Brokerage Leerink Partners raises its PT on ACLX to $70
from $49, representing a 40.7% upside to stock's last close 
    ** Leerink says early-stage trial data for ACLX's blood
cancer therapy confirms that it is similar to Johnson &
Johnson's  JNJ.N  Carvykti, the current market leader
    ** Brokerage raises peak sales estimates on therapy to $843
mln from $545 mln        
    ** Leerink also says ACLX's partnership with Gilead's
 GILD.O  unit Kite Pharma should allow it to scale up production
to support enrollment to a late-stage trial for its blood cancer
therapy 
    ** Brokerage says Kite has the infrastructure to
successfully launch and administer the therapy with its 140
authorized treatment centers
    ** Leerink is optimistic about data on ACLX's cancer cell
targeting therapies that will be reported next year
    ** All 13 brokerages covering ACLX rate the stock "buy" or
higher; their median PT is $63 
    ** Including session's move, stock up 69.4% YTD

 (Reporting by Puyaan Singh)
 ((Puyaan.Singh@thomsonreuters.com;))