Stifel initiates coverage on Arcellx with 'buy'

Arcellx

14/03/2023 11:59

** Stifel initiates coverage on cancer-drug developer Arcellx Inc  ACLX.O 
with a "buy" rating and PT of $43 
    ** Brokerage sees significant upside for co's lead product candidate for
cancer immunotherapy to treat multiple myeloma
    ** The drug candidate, CART-ddBCMA, competes with Johnson & Johnson's
 JNJ.N  Carvykti, which faces manufacturing challenges and limited adoption -
brokerage
    ** Brokerage believes CART-ddBCMA will demonstrate efficacy similar to or
better than Carvykti
    ** Stifel also believes that Carvykti manufacturing issues are not easily
resolvable and its brand loyalty among multiple myeloma physicians will decline
    ** CART-ddBCMA belongs to class of drugs called chimeric antigen receptor
(CAR) T-cell therapy in which a patient's immune cells are engineered to attack
cancer cells     
    ** All the 9 brokerages covering the stock rate it at "buy" or higher; their
median PT is $37.5
    ** Up to Monday's close, stock had risen ~65.6% in past 12 months

 (Reporting by Mariam Sunny)
 ((Mariam.ESunny@thomsonreuters.com;))