BTIG raised the firm’s price target on Legend Biotech (LEGN) to $85 from $75 and keeps a Buy rating on the shares. The firm views the company’s $72M in CARVYTKI sales reported for Q1 "favorably" as it grew 27% sequentially after a flat print in Q3, the analyst tells investors in a research note. Johnson & Johnson (JNJ) JNJ and Legend entered a three-year manufacturing contract with Novartis (NVS) on April 12th to supplement clinical trial manufacturing capacity, and that contract should help the companies dedicate resources toward scaling up supply for the commercial market, where strong demand continues to outpace the supply of CARVYKTI, BTIG added.
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