Analyst Mitchell Kapoor of H.C. Wainwright reiterated a Buy rating on Legend Biotech (LEGN – Research Report), retaining the price target of $75.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors, primarily centered around the strong performance and growth potential of CARVYKTI, a product developed in partnership with Janssen, a division of Johnson & Johnson. The recent quarterly sales figures for CARVYKTI exceeded expectations, showcasing a 10% quarter-over-quarter growth and surpassing both internal and market estimates. This strong performance is bolstered by significant market share gains and ongoing capacity expansions, which are expected to continue driving growth.
Furthermore, the approval of CARVYKTI for second-line multiple myeloma treatment significantly broadens its market potential, given the substantial patient population in this category. Investors are optimistic about the product’s adoption across various lines of therapy, with expectations of its use becoming a standard in treatment regimens. Additionally, Legend Biotech’s lack of tariff exposure and its strategic manufacturing setup in the U.S. and Europe provide a stable investment opportunity amidst global economic uncertainties. These factors collectively support the Buy rating and the positive outlook for Legend Biotech’s stock.
In another report released today, Barclays also maintained a Buy rating on the stock with a $94.00 price target.