Stifel Lowers Arcellx Rating After Gilead Acquisition Terms Announced
Stifel moved Arcellx Inc. (ACLX) from Buy to Hold and cut its price target to $115 from $127 after Gilead Sciences proposed a $115-per-share acquisition plus a $5 contingent value right. The deal implies $7.8 billion in equity value and includes a performance-linked payment tied to cumulative global net sales through fiscal 2029. Other brokerages a…