Arcellx price target raised to $100 from $84 at BofA

BofA analyst Jason Gerberry raised the firm’s price target on Arcellx (ACLX) to $100 from $84 and keeps a Buy rating on the shares. ASH abstracts that include an initial Phase 2 datacut and further Phase 1 follow-up data confirm pivotal-stage anito-cel’s competitive profile and regulatory derisking in multiple myeloma, the analyst tells investors. While shares were down yesterday, the firm sees this as “sell the news” given a massive abstract run-up and notes that it now assumes anito-cel capturing a more competitive peak market share and having higher odds of success.