Legend Biotech price target raised to $81 from $76 at UBS

UBS raised the firm’s price target on Legend Biotech to $81 from $76 and keeps a Buy rating on the shares. The firm pointed out in a research note on Friday that the ODAC panel voted favorably in support of Carvykti’s sBLA in 2L-4L. The FDA members stated that the OS data is immature, and the FDA was looking at OS as an important safety metric. UBS also noted that it caught up with Legend’s management post Q4 call. Management reiterated the guidance for 10K commercial doses of Carvykti by year-end 2025. The firm views the 10K dose goal as a blue-sky scenario, which can bring significant upside post 2025.