Arcellx (ACLX) consistently strong Biotech sees a massive trade for December with 9500 of the $95 calls bought at $8 to $8.60 and 11,000 of the $110 calls trading $4 to $4.20 that appear bought but likely sold as a ratio trade. ARCX has often been seen as a potential M&A target for Gilead (GILD). Two pivotal trials are underway for lead CAR-T candidate anito-cel in relapsed/refractory multiple myeloma and potential approval of anito-cel in fourth-line r/r MM is guided for 2026. Cantor sees two strong avenues for anito-cel to differentiate a tolerable safety profile with lower rates of severe neurotoxicities than competitors, and a potential best-in-class manufacturing infrastructure provided through a co-development/ co-commercialization partnership with Kite (GILD). Anito-cel, a CAR-T for multi-myeloma, could ultimately emerge with a best-in-class profile when initial Phase 2 pivotal data are reported later this year, Evercore notes