UBS analyst Ashwani Verma initiated coverage of Legend Biotech with a Buy rating and $66 price target. The company’s key product Carvykti – CAR-T therapy for Multiple Myeloma, or MM – has demonstrated excellent clinical data in its first approved indication, which differentiates it from competition and supports movement into earlier line MM, the analyst tells investors in a research note. Carvykti’s best-in-class drug profile and strong commercial execution in collaboration with J&J (JNJ) can generate Legend Biotech up to $3.1B in sales by 2030, Verma adds. The analyst further notes that the current valuation is not capturing the likelihood of CAR-4 study success or near/medium-term supply resolution.
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