Morgan Stanley initiates Arcellx Inc
ddBCMA (aka anito-cel) is Arcellx’s lead asset, incorporating its patent-protected D-domain as the extracellular binding domain.
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
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
Collaborating with Gilead Sciences Inc
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.
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