Citi opened a “90-day positive catalyst watch” on shares of Legend Biotech while keeping a Buy rating on the name with a $100 price target. Legend’s collaboration partner Johnson & Johnson (JNJ) raised the 2027 sales forecast of Carvykti by 25% to $4.5B, the analyst tells investors in a research note. The firm believes the increased guidance demonstrated the strong demand, on-track capacity step-up and Legend’s confidence to move into the front-line. Citi thinks Carvykti’s approval in later lines of multiple myeloma will not be impacted by Abecma’s delay.
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