Legend Biotech price target raised to $76 from $70 at Scotiabank

Scotiabank raised the firm’s price target on Legend Biotech (LEGN) to $76 from $70 and keeps an Outperform rating on the shares. The analyst sees the Legend partner Johnson & Johnson’s (JNJ) Carvykti sales beat in Q2 likely marking the beginning of a sales ramp in the second-line multiple myeloma treatment segment. The firm views current Legend Biotech share levels as an attractive entry point ahead of increased growth that it sees kicking in following expansion of commercial manufacturing capacity in Q4 and again in 2025.