Piper keeps $78 target on Legend Biotech after Carvykti trial hits

Piper Sandler analyst Edward Tenthoff reiterates an Overweight rating on Legend Biotech (LEGN) with a $78 price target after the company announced that CARTITUDE-4, the Phase 3 study evaluating Carvykti for the treatment of adult patients with relapsed and lenalidomide-refractory multiple myeloma, met its primary endpoint. The analyst anticipates Legend and Johnson & Johnson’s Janssen will report data at the American Society of Clinical Oncology meeting in June and file a supplemental Biologics License Application which could expand Carvykti’s label into earlier lines of therapy. Piper continues to forecast Carvykti growth of 157% to $344M in 2023. It notes that Janssen projects peak Carvykti sales of $5B.