Legend Biotech CARTITUDE-4 data ‘highly impressive,’ says Guggenheim

Guggenheim analyst Kelsey Goodwin notes that CARTITUDE-4 Phase III trial details were "temporarily available online yesterday" and in media reports and says they "looked highly impressive." The PFS HR of 0.26 "further confirmed Carvykti’s strong efficacy profile, consistent with previous data from other clinical trials," says the analyst, who further notes that Legend Biotech (LEGN) and partner Johnson & Johnson (JNJ) previously reported that the C-4 trial succeeded at an interim analysis. The data, which appeared to be from an EHA abstract, also indicated no manufacturing failures and a consistent safety profile, according to the analyst. However, Legend and J&J are still lagging Bristol-Myers (BMY) in terms of manufacturing capacity, which limits physician product choice that "presently (and likely in the foreseeable future) is predominantly driven by product availability," added the analyst. Guggenheim has a Neutral rating on Legend Biotech shares.