In a report released today, Mitchell Kapoor from H.C. Wainwright maintained a Buy rating on Legend Biotech, with a price target of $60.00.
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Mitchell Kapoor’s rating is based on several factors that highlight the potential of Legend Biotech’s CARVYKTI product. Despite a muted stock reaction to recent earnings, Kapoor emphasizes the underappreciated momentum in the overall survival (OS) label and early-line optionality for CARVYKTI. The management’s confidence in CARVYKTI’s peak potential of approximately $5 billion, supported by significant year-over-year and sequential growth, underscores the product’s durability and expanding market presence.
Furthermore, Kapoor points out the positive results from the Phase 3 MajesTEC-3 trial, which could enhance the positioning of bispecific and CD38 combinations in treatment sequences. While there is a shift towards earlier adoption of bispecifics, potentially affecting CARVYKTI’s use in some second-line patients, the overall expansion of BCMA treatments is expected to drive growth. Kapoor’s adjusted model reflects a slower ramp but maintains a strong thesis, with the stock’s current valuation presenting a solid opportunity for upside as adoption continues to rise.
In another report released on October 9, J.P. Morgan also maintained a Buy rating on the stock with a $76.00 price target.