Morgan Stanley says anito-cel Phase 2 data next catalyst for Gilead, Arcellx

Morgan Stanley notes that Gilead (GILD) and Arcellx’s (ACLX) anito-cel, a BCMA-directed CAR-T therapy in development for relapsed / refractory multiple myeloma, or rrMM, is expected to have Phase 2 iMMagine-1 data presented at the ASH meeting, which takes place December 7-10 and will have abstracts posted on November 5. The firm, which identifies this as “the next key catalyst for the program,” says the firm’s base case scenario assumes anito-cel demonstrates Carvykti-like efficacy and differentiated safety. In this scenario, the firm would expect Gilead shares to trade up 3%-4% and would expect Arcellx to trade up 5%-15% given the recent run up in share price, the analyst tells investors. The firm has an Equal Weight rating and $84 price target on Gilead shares.