Legend Biotech initiated with an Outperform at Raymond James

Raymond James initiated coverage of Legend Biotech with an Outperform rating and $86 price target. The firm says ciltacabtagene autoleucel has consistently superior clinical results to competition with limited risk from idecabtagene vicleucel, novel BCMA-directed CAR T, or bispecific antibody platforms within early-line multiple myeloma, and that Legend’s Carvykti manufacturing ramp is on track for substantial facility expansion over the critical next two years and has already outpaced Abecma. The firm thinks the upcoming Oncologic Drugs Advisory Committee meeting on March 15 will conclude the benefits of 2L+ Carvykti outweigh the risks and the supplemental Biologic License Application will be approved.