Arcellx price target raised to $96 from $81 at Needham

Needham raised the firm’s price target on Arcellx (ACLX) to $96 from $81 and keeps a Buy rating on the shares. The firm updated its multiple myeloma market model to reflect updated pricing assumptions for anito-cel based on current pricing for competitor commercial CAR-Ts Carvykti and Abecma. It now estimates $10B in combined global sales for anito-cel in multiple myeloma by 2037.