Legend Biotech initiated with an Outperform at RBC Capital

RBC Capital analyst Leonid Timashev initiated coverage of Legend Biotech with an Outperform rating and $73 price target. The analyst sees Carvykti as setting a new efficacy standard in multiple myeloma. Carvykti will not only remain the preferred treatment option in later lines, but it can successfully move up in lines and potentially offer patients a chance at a cure, the analyst tells investors in a research note. RBC thinks Legend shares are discounting the "high likelihood of success and large out-year opportunity." It believes Carvykti can reach $9B-plus in out-year sales.