Stifel has sustained its Buy rating and $127.00 price objective on Arcellx Inc. (NASDAQ:ACLX) after the company disclosed in vitro findings during the TANDEM meeting on February 4-7, 2026. The firm notes that the updated target equates to an approximate 87% upside from the cited market price of $68.03 and is consistent with a strongly bullish consensus of analyst targets that range from $88 to $134, according to InvestingPro data.
In its research commentary, Stifel emphasized that the in vitro results provide a mechanistic explanation that supports a favorable safety profile for anito-cel, Arcellx’s BCMA-directed CAR T therapy. The data reportedly indicate that anito-cel’s D-domain binder is associated with reduced background signaling and fewer off-target interactions when compared with alternative CAR constructs.
The presentation specifically contrasted anito-cel with other marketed or investigational BCMA-directed therapies, including cilta-cel (marketed as Carvykti) and ide-cel (marketed as Abecma). Stifel highlighted findings that cilta-cel’s dual VHH binder exhibited off-target activity against claudin-9 in the in vitro work under discussion.
According to Stifel’s note, the observation of off-target activity for cilta-cel aligns with regulatory assessment reports and could plausibly explain the severe and delayed toxicities that have been reported in clinical settings for that product. Stifel linked these observations to the ALC expansion hypothesis described in their research write-up.
The firm concluded that, taken together, the preclinical data suggest severe toxicities are not inherently a BCMA-class effect. Stifel inferred that these results bolster the argument that anito-cel may occupy a best-in-class position within the BCMA-directed CAR T landscape. In that context, Stifel continues to classify Arcellx as a "core SMid-cap holding."
Beyond the mechanistic safety observations, Stifel and the coverage note the company’s financial positioning. Arcellx is reported to hold more cash than debt and to present a current ratio of 3.99 on its balance sheet, metrics that the research firm flagged as supportive for near-term operations. The company’s next quarterly earnings release is scheduled for February 26, when management will provide updated financials and potentially additional operational context.
Arcellx also announced that the D-Domain binder used in anitocabtagene autoleucel (anito-cel) demonstrated no tonic signaling or off-target activity in its preclinical studies, a finding the company presented as consistent with a potentially favorable safety profile for the program. The firm is slated to present three studies related to anito-cel at the 2026 Tandem Meetings; among these is research on the D-Domain binder that the company says may enable tumor cell clearance without prolonged inflammation.
In recent analyst coverage outside of Stifel, UBS initiated on Arcellx with a Buy rating and a $100 price target, signaling interest in the company's opportunity within the relapsed/refractory multiple myeloma market. Wells Fargo similarly started coverage with an Overweight rating and a $100 price target, citing the potential for anito-cel to become an important therapeutic option in multiple myeloma management. Separately, Stifel noted it upgraded Arcellx based on what it characterized as a buying opportunity after a period of share weakness. These actions illustrate heightened analyst engagement and a favorable tilt among sell-side firms toward Arcellx’s clinical program and commercial prospects.
Investors with access to InvestingPro are able to view a Pro Research Report that aggregates the firm’s analysis with visualizations designed to highlight key drivers for the biotech. That report is cited as a resource for subscribers seeking deeper detail ahead of the company’s upcoming earnings release.
What this means
The in vitro results presented at TANDEM reinforce a narrative that anito-cel’s engineered D-domain may reduce unwanted signaling and off-target binding, a distinction Stifel says supports the view that severe toxicities seen with some competitors may be construct-specific rather than intrinsic to BCMA-directed CAR-T therapies as a whole. The combination of these mechanistic data and a balance-sheet profile with more cash than debt underpins Stifel’s continued positive stance on the equity.