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Analyst Sees Market Potential For Arcellx Multiple Myeloma Candidate, Sees 50% Upside In Stock

  • Needham initiated coverage on Arcellx Inc (NASDAQ: ACLX) with a Buy rating and a price target of $31.

  • Arcellx's lead program and main value driver is CART-ddBCMA, an autologous CAR-T therapy for relapsed or refractory (r/r) multiple myeloma (MM).

  • With two CAR-Ts already on the market - Bristol Myers Squibb Co's (NYSE: BMY) Abecma and Johnson & Johnson's (NYSE: JNJ) Carvykti, Arcellx is a fast follower.

  • The analyst says that early data for CART-ddBCMA supports an efficacy profile in line with the market leader (Carvykti).

  • While the MM market is crowded, Needham analyst believes CAR-Ts have demonstrated the best activity and that the incumbents are insufficient, given market needs.

  • A physician survey identified access as a key issue, finding that only 35% of CAR-T-eligible patients receive treatment.

  • Assuming 20% market penetration, CART-ddBCMA sales are estimated to reach $3 billion in 2033.

  • Broader platform play (ARC-SparX) could also add a potential upside. A clinical update is expected in 4Q:22, with a pivotal study in 2023.

  • Price Action: ACLX shares are up 1.70% at $20.62 on the last check Thursday.

Latest Ratings for ACLX

Date

Firm

Action

From

To

Mar 2022

SVB Leerink

Initiates Coverage On

Outperform

Mar 2022

B of A Securities

Initiates Coverage On

Buy

View More Analyst Ratings for ACLX

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