Arcellx a new overweight at Wells Fargo on promise of multiple myeloma CAR-T asset

Wells Fargo initiated coverage of Arcellx (ACLX) with an overweight rating, citing its promising CAR-T therapy for multiple myeloma, anito-cel. The bank set a price target of $100, predicting significant market capture and rapid uptake post-2026 launch. Analyst Yanan Zhu forecasts peak sales of $1.6B in the fourth line and $3.8B in the second line. Arcellx is developing anito-cel with Kite Pharma, owned by Gilead Sciences (GILD).