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Morgan Stanley initiates Arcellx Inc (NASDAQ:ACLX), noting a differentiated CAR-T platform for blood cancer backed by an established CAR-T partner.
ddBCMA (aka anito-cel) is Arcellx’s lead asset, incorporating its patent-protected D-domain as the extracellular binding domain.
Also Read: Blood Cancer Player Arcellx Finds Place On Analyst Conviction List – Potential Room For Growth In 2024.
The domain’s differentiated design confers several advantages, including high transduction efficiency and stability, which drives a potential best-in-class profile and scalable manufacturability.
Morgan Stanley analysts model around $5 billion in unadjusted global peak ddBCMA sales across multiple treatment lines (vs. unadjusted global peak sales of around $8 billion for Carvykti per VA consensus) with a program blended probability of success (PoS) of 60% (higher in late-line, lower in earlier-line).
Carvykti (ciltacabtagene autoleucel) is marketed in collaboration between Johnson & Johnson (NYSE:JNJ) and Legend Biotech Inc (NASDAQ:LEGN).
Morgan Stanley initiates Arcellx with an Overweight rating with a price target of $81.
If ddBCMA proves successful, it could secure approval in the United States for late-line multiple myeloma by 2026, potentially capturing up to 46% of the market.
The promising Phase 2 data suggests that ddBCMA’s safety and efficacy profile is superior, positioning it to outperform Bristol-Myers Squibb Co (NYSE:BMY) and 2Seventy Bio Inc’s (NASDAQ:TSVT) Abecma (idecabtagene vicleucel) and compete effectively with Carvykti.
Collaborating with Gilead Sciences Inc (NASDAQ:GILD) is expected to provide Arcellx with valuable expertise in CAR-T cell manufacturing, helping avoid the manufacturing challenges that hindered Carvykti’s market reach.
In December 2023, Arcellx announced new data from its Phase 1 expansion study of CART-ddBCMA for relapsed and/or refractory multiple myeloma.
The interim anito-cel Phase 1 clinical results (October 15, 2023 cutoff date) demonstrate deep and durable responses.
Price Action: ACLX shares are down 2.08% at $71.43 on the last check Thursday.
Photo by Christina Victoria Craft on Unsplash
