Selected stock price target news of the day: June 20, 2023

By Matthew Otto

Arcellx’s CART-ddBCMA Drug Faces Clinical Hold by FDA

Arcellx has announced that it received notification from the U.S. Food and Drug Administration (FDA). The notification concerned a clinical hold on its CART-ddBCMA investigational new drug (IND) for the treatment of patients with relapsed or refractory multiple myeloma (rrMM). The FDA issued the clinical hold on June 16 following a patient death. The company believes that limitations on bridging therapy may have played a role. It is working with the FDA to amend the protocol, providing more options for patients in line with current clinical practices.

Rami Elghandour, Chairman and CEO of Arcellx, stated that patients safety is their top priority. The company is collaborating with investigators, the data safety monitoring board (DSMB), and their partners at Kite Pharma to address the clinical hold. They are seeking to expand the bridging therapy regimens to align with what is currently available in clinical practice, aiming to benefit patients. Arcellx is also considering other potential improvements to the study. Despite the clinical hold, they remain confident in the potential of CART-ddBCMA as a leading therapy for rrMM. That confidence is based on the positive clinical profile observed in patients treated thus far across their studies.

Analysts Reiterate Positive Outlook on Arcellx with Price Target Increases

Needham analyst Gil Blum maintains a Buy rating and keeps the price target at $51.
H.C. Wainwright analyst Emily Bodnar raises the price target to $49.
Barclays analyst Carter Gould also raises the price target to $49.
Truist Securities analyst Asthika Goonewardene lowered the price target to $57.
Baird analyst Jack Allen lowered the price target to $40.

Analyst John Newman (CANACCORD) has currently the highest performing score on ACLX with 3/3 (100%)price target fulfillment ratio. His price targets carry on average an $7.31 (30.10%) potential upside and typically reach target within an average of 93 days

Coherent Introduces PowerLine PS 30 Picosecond Laser Markers

Coherent has introduced the PowerLine PS 30 picosecond laser markers. They are specially designed for corrosion-resistant black marking and precision micromachining in the medical device manufacturing sector. The demand for efficient, reliable, and cost-effective laser technology for black marking on medical devices is on the rise. This technology remains unaffected by passivation and autoclave cycling. The PowerLine PS 30 offers high average power, enabling rapid black marking and micromachining. That results in improved production throughput and cost-effectiveness, while maintaining a high level of reliability.

Dr. Alexander Roth, Vice President and Managing Director of the Laser Systems Business Unit at Coherent, emphasized the criticality of traceability in medical device manufacturing. Black marking must meet strict requirements for readability and durability. Laser technology facilitates production scaling with high quality, particularly during rapid volume growth. The PowerLine PS 30 ensures a quick return on investment, easy integration, and user-friendly operation, maximizing labor efficiency.

Analysts’ Ratings and Price Targets for Coherent Receives Positive Outlook

Needham Analyst James Ricchiuti maintained a Buy rating and with a Raised Price Target of $64 from $33.
Ruben Roy from Stifel Nicolaus maintains a Buy rating and has a price target of $42.
Meta Marshall from Morgan Stanley maintains a Buy rating and has a price target of $48.

Analyst Ruben Roy (STIFEL) has currently the highest performing score on COHR with 2/2 (100%) price target fulfillment ratio. His price targets carry on average an $11.54 (35.56%) potential upside and typically reach target within an average of 114 days.

Philip Morris to Launch $30 Million Production Facility in Western Ukraine

Philip Morris has announced its plans to launch a new $30 million production facility in the Lviv region of western Ukraine. The facility is set to open in the first quarter of next year. The facility should create 250 jobs, providing employment opportunities in the region.

Maksym Barabash, the Chief Executive Officer of Philip Morris Ukraine, expressed their commitment to Ukraine as a long-term economic partner with this investment. Barabash stated, “We are not waiting for the end of the war – we are investing now.” That statement emphasized their dedication to supporting Ukraine’s economy despite the ongoing conflict.

Analysts Raise Price Targets and Upgrade Philip Morris

Citigroup analyst Simon Hales upgrades from Neutral to Buy and raises the price target from $109 to $117.
Goldman Sachs analyst Bonnie Herzog increases the price target $95.00 to $120.
Cowen analyst Vivien Azer raised the price target on Philip Morris to $120 from $115.

Analyst Vivien Azer (COWEN) has currently the highest performing score on PM with 13/19 (68.42%) price target fulfillment ratio. Her price targets carry on average an $27.98 (40.69%) potential upside and typically reach target within an average of 1086 days.