Legend Biotech initiated with a Buy at Citi

Citi analyst John Yung initiated coverage of Legend Biotech with a Buy rating and $100 price target. After almost two years of selloff and de-ratings due to disappointing product sales as well as setbacks in product globalization, the Asia biotechnology sector is at a “turning point,” the analyst tells investors in a research note. Going into 2023, domestic policy changes supported sustainable innovation while some companies’ pipelines made progress in globalization, says the firm. It expects the biopharma “winners to break even from 2026 onwards, backed by multiple emerging blockbusters.” Citi’s top picks are Legend Biotech, Innovent and RemeGen, followed by Keymed, Hutchmed, Akeso, PharmaEssentia.