Legend Biotech price target raised to $85 from $65 at Morgan Stanley

Morgan Stanley analyst Matthew Harrison raised the firm’s price target on Legend Biotech to $85 from $65 and keeps an Overweight rating on the shares. The firm has updated its BCMA CAR-T market model and now incorporates “modest” first-line use for Carvykti in the late 2020s based on the strength of the CARTITUDE-4 data presented at recent medical conferences, the analyst tells investors.