Scotiabank upgraded Legend Biotech to Outperform from Sector Perform with an unchanged price target of $65. The analyst sees an attractive entry point going into Carvykti commercial expansion for treatment of second-line multiple myeloma. The firm does not think Legend’s Q1 results matter too much, especially given the “indisputable efficacy benefit” over existing standards-of-care demonstrated in CARTITUDE-4 and impact on quality of life with a one-and-done treatment. It believes Carvykti approval in second-line multiple myeloma patients refractory to lenalidomide paves the way for anti-BCMA CAR-T therapies to become a mainstay standard-of-care option.
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