Buy Rating Affirmed for Legend Biotech Amidst Growth Prospects and CARVYKTI’s Market Expansion

Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Legend Biotech (LEGN – Research Report). The associated price target remains the same with $87.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors that point towards a robust growth potential for Legend Biotech. Despite a flat sales quarter for CARVYKTI, Kapoor is not concerned, attributing the stagnation to billing timing and forthcoming slot expansions. He anticipates a significant revenue boost in the second half of 2024 driven by increased demand, relaxed FDA product release specifications, and the scaling up of production capacity. Kapoor’s confidence is bolstered by the recent approval for CARVYKTI in second-line multiple myeloma treatment, which he believes will substantially widen the market opportunity for the drug.

Kapoor also notes that the treatment’s profile has been accepted for a patient population that requires highly efficacious and tolerable therapies, suggesting that its uptake will likely accelerate across multiple lines of treatment. This sentiment was echoed at a recent H.C. Wainwright investor event where the consensus was that CARVYKTI would become a staple in the multiple myeloma treatment paradigm starting from the second line. With these dynamics in play, Kapoor maintains a positive outlook on Legend Biotech’s financial prospects, underpinning his Buy rating and setting a 12-month target price of $87.

In another report released on April 8, Barclays also maintained a Buy rating on the stock with a $94.00 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.