Legend Biotech (LEGN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Gena Wang from Barclays assigned a Buy rating on the stock and has a $94.00 price target.
Gena Wang has given his Buy rating due to a combination of factors surrounding Legend Biotech’s recent developments in their Carvykti treatment for multiple myeloma. The FDA’s approval for label expansion of Carvykti to include second-line lenalidomide-refractory multiple myeloma patients indicates a broader application compared to its competitor, Abecma, which is limited to third-line treatment for patients exposed to three classes of drugs. Additionally, the FDA’s decision to widen the release specifications of Carvykti suggests a reduced rate of out-of-specification rates, which is projected to be less than 10%. These regulatory advancements, coupled with no significant changes to the Black Box Warnings, support the optimistic perspective on the drug’s market potential and safety profile.
Furthermore, Gena Wang’s confidence in a strong Buy rating is reinforced by the expectation of Carvykti’s robust uptake in the coming years. This anticipation is based on factors such as high patient demand, a clinical profile considered best-in-class and difficult to surpass, the drug’s longevity without being negatively impacted by Immune Response Assay (IRA) and biosimilars, and Legend Biotech’s ongoing efforts to enhance manufacturing capabilities. The comprehensive analysis of these elements positions Carvykti favorably in the market, warranting the Buy rating and projecting continued growth and success for Legend Biotech.
In another report released on April 3, Cantor Fitzgerald also initiated coverage with a Buy rating on the stock with a $82.00 price target.
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Legend Biotech (LEGN) Company Description:
Legend Biotech Corp is a clinical-stage biopharmaceutical company. It is engaged in the discovery and development of novel cell therapies for oncology and other indications. The firm’s lead product candidate, LCAR-B38M/JNJ-4528, is a chimeric antigen receptor, or CAR, T cell therapy is for the treatment of multiple myeloma. Its other pipeline products include LB1910, LB1909, LB1903, and others. Geographically, the company generates a majority of its revenue from North America.
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