Legend Biotech initiated with a Buy at Goldman Sachs

Goldman Sachs analyst Ziyi Chen initiated coverage of Legend Biotech with a Buy rating and $90.09 price target, implying 37% upside from current levels. The analyst says cell and gene therapies are seeing expanded adoption which could drive up the market potential. The firm says Legend has a “best-in-class” CART in multiple myeloma. The company demonstrates potential solutions that could be critical in driving more explosive growth of cell and gene therapies particularly autologous cell therapies, the analyst tells investors in a research note.