Rothschild Redburn has moved Arcellx Inc. (NASDAQ: ACLX) off its Buy list and placed the stock at Neutral, along with a substantial reduction in its price target to $82 from $113. The adjustment reflects a more cautious stance toward the broader CAR-T class rather than a reversal on the program-specific data for Arcellx's lead candidate, anito-cel.
The brokerage reiterated a favorable view of anito-cel for late-line multiple myeloma, citing encouraging clinical results presented at a medical meeting and the firm's own physician survey as supporting evidence. At the same time, Rothschild Redburn stressed increased competition from alternative therapeutic modalities in larger markets across earlier treatment lines - identified as 1-4L in the firm's analysis - as the primary reason for trimming its outlook for the category overall.
Operationally, the firm revised its global peak end-user sales projections for Arcellx downward, placing its forecast roughly 15% below prevailing market consensus. That reduction underpins the lower price target, yet the new $82 target still implies upside relative to the company's prevailing market price at the time of the note.
Arcellx has continued to share data and engage the analyst community. The company reported preclinical findings showing that the D-Domain binder used in anitocabtagene autoleucel, known as anito-cel, exhibited no tonic signaling or off-target activity in laboratory studies. Those results were presented at the 2026 Tandem Meetings in Salt Lake City and were characterized in the company's materials as indicative of a potentially favorable safety profile for its BCMA-directed CAR T therapy.
Despite Rothschild Redburn's more conservative stance on peak commercial potential, several other research firms have taken or maintained positive ratings. Stifel retained a Buy rating and assigned a $127 price target, citing promising safety signals from in vitro work. UBS initiated coverage with a Buy rating and set a $100 price target, identifying potential entry into the relapsed/refractory multiple myeloma market. Wells Fargo also initiated coverage with an Overweight rating and described anito-cel as a material future entrant in multiple myeloma care.
Collectively, these varied analyst actions underline a divergence of views across the sell-side: some firms are emphasizing the clinical and safety data and assigning higher valuations, while Rothschild Redburn is tempering its long-term commercial expectations based on competitive dynamics and earlier-line market pressures.
For investors and market participants, the note from Rothschild Redburn highlights the tension between encouraging program-level data and the commercial realities of therapeutic competition across treatment lines. Arcellx remains a clinical-stage company focused on cell therapies, and while some analysts see substantial upside based on safety and efficacy signals, others are factoring in market-share risk that reduces peak-sales assumptions.