Legend Biotech initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Legend Biotech with a Buy rating and $60 price target. The firm’s view is that Carvykti sales should benefit in the second half of the year from expanded patient slot and manufacturing capacity and thinks Carvykti’s CARTITUDE-2 abstract at ASCO will help to keep investors engaged until more newly diagnosed multiple myeloma data read out at year end, the analyst tells investors.