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Needham analyst forecasts a positive outlook for Arcellx Inc (NASDAQ:ACLX) in 2024, citing strong potential stemming from the anticipated pivotal interim readout from the iMMagine-1 study, expected in the second half of 2024.
This development is poised to bolster filing prospects for the company in 2025. CART-ddBCMA (anitocabtagene autoleucel or anito-cel), the flagship product of Arcellx, displays promising potential for value creation, particularly upon disclosing its clinical design for deployment in earlier line settings.
Needham analyst reiterates a Buy rating on ACLX, raises the price target to $71 from $65, and adds ACLX to the Needham Conviction List, replacing Sarepta Therapeutics Inc (NASDAQ:SRPT).
According to the analyst, Anito-cel showcases comparable or potentially superior efficacy to the market leader, Johnson & Johnson (NYSE:JNJ)/Legend Biotech (NASDAQ:LEGN) Carvykti, while demonstrating a notably improved safety profile.
Notably, in the Phase I study conducted in 2023, Anito-cel displayed an upfront Overall Response Rate and durability on par with Carvykti, even outperforming it in treating patients with extramedullary disease.
The overall sentiment from the analysis anticipates a favorable trajectory for Arcellx in 2024, emphasizing the company’s relatively de-risked asset status.
In 2023, Arcellx stock appreciated around 75% versus the S&P 500, up around 24%.
Needham notes ACLX has room to grow, assuming anito-cel can capture a significant portion of the ~$20 billion market opportunity across multiple myeloma.
Price Action: ACLX shares are up 2.70% at $55.92 on the last check Thursday.
