Legend Biotech price target raised to $86 from $85 at RBC Capital

RBC Capital analyst Leonid Timashev raised the firm’s price target on Legend Biotech to $86 from $85 and keeps an Outperform rating on the shares. The company’s “softer” Q1 is now in the past, and the firm anticipates growing demand and completion of testing batches to return Carvykti to growth in Q2, with the 2L launch and manufacturing expansion that should also enable considerable revenue step-ups in the second half of 2024, the analyst tells investors in a research note.