Arcellx rises as Guggenheim lifts PT, reiterates 'buy' rating

Arcellx

16/10/2024 17:43

** Shares of Arcellx  ACLX.O  up about 2.5% at $92 in
afternoon trading
    ** Brokerage Guggenheim raises ACLX's PT to $105 from $77,
maintains "buy" rating
    ** Brokerage continues to see an opportunity for co's lead
product, anito-cel, to be the best therapy of its kind to treat
a type of blood cancer called multiple myeloma
        ** Anito-cel is a CAR-T therapy, which uses modified
T-cells of patients to fight cancer, and is being tested for
multiple myeloma that relapses or stops responding to the
treatment
    ** ACLX plans to present initial data from a mid-stage trial
for anito-cel in December
    ** Brokerage says investors are expecting the initial data
to show better efficacy for anito-cel compared to Johnson &
Johnson - Legend Biotech's Carvykti
    ** Stock up ~66% YTD, including session's gains

    
  

 (Reporting by Sruthi Narasimha Chari in Bengaluru)
 ((Sruthinarasimha.chari@thomsonreuters.com))