Arcellx Analysts Boost Their Forecasts After Q4 Results

Author: Avi Kapoor | February 29, 2024 09:03am

Arcellx, Inc. (NASDAQ:ACLX) posted financial results for its fourth quarter on Wednesday.

The company posted net income of $20.5 million for the quarter ended Dec. 31, 2023, compared to a year-ago net loss of $39.0 million. Its collaboration revenue was $63.1 million for the recent quarter, compared to zero for the quarter ended Dec. 31, 2022.

Research and development expenses rose to $28.8 million from $25.9 million.

"In 2023, our team built upon the momentum that has propelled Arcellx forward over the past two years," said Rami Elghandour, Arcellx's Chairman and Chief Executive Officer. "We expanded our partnership with Kite, through a $200M investment, extending our cash runway into 2027 and deepened our collaboration by expanding into lymphomas. Additionally, we presented robust long-term data from our Phase 1 expansion study of anito-cel at the 65th ASH Annual Meeting. These data support the potential for anito-cel to be a best-in-class treatment option for patients with relapsed or refractory multiple myeloma. In parallel to these milestones, we continued to scale our organization to deliver both operationally and strategically, strengthening our foundation with key progress in manufacturing, development, research, and commercial readiness."

Arcellx shares fell 0.4% to close at $67.32 on Wednesday.

These analysts made changes to their price targets on Arcellx after the company reported quarterly results.

• Baird raised the price target on Arcellx from $63 to $77. Baird analyst Jack Allen maintained an Outperform rating.
• Needham increased the price target on Arcellx from $71 to $72. Needham analyst Gil Blum maintained a Buy rating.

 

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Posted In: ACLX