Legend Biotech (LEGN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Kostas Biliouris from BMO Capital reiterated a Buy rating on the stock and has a $90.00 price target.
Kostas Biliouris has given his Buy rating due to a combination of factors that suggest a solid growth trajectory for Legend Biotech, particularly with its Carvykti therapy. Biliouris’s confidence stems from management’s expectations to achieve a manufacturing capacity of 10,000 treatment slots per year by the end of 2025, which aligns with the current sales trends. Additionally, he foresees a significant market penetration rate, potentially reaching over 20% for Carvykti in second to fourth line (2-4L) treatments, based on a combination of professional surveys and the identification of a sizable patient subgroup that are ideal candidates for this therapy.
Moreover, Biliouris’s optimism is reinforced by upcoming data readouts, such as the Cartitude-2 Cohort D/E/F data expected in 2024, which he believes will further validate Carvykti’s use in early line treatments. With Legend Biotech’s focus on expanding manufacturing capacity and reducing treatment turnaround times, they are poised to improve their competitive stance. The anticipation of increased outpatient dosing and a shift towards using Carvykti in earlier treatment lines, coupled with the company’s strong cash position, underpins Biliouris’s positive outlook and supports the Buy rating for LEGN’s stock.
In another report released today, H.C. Wainwright also reiterated a Buy rating on the stock with a $86.00 price target.
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Legend Biotech (LEGN) Company Description:
Legend Biotech Corp is a clinical-stage biopharmaceutical company. It is engaged in the discovery and development of novel cell therapies for oncology and other indications. The firm’s lead product candidate, LCAR-B38M/JNJ-4528, is a chimeric antigen receptor, or CAR, T cell therapy is for the treatment of multiple myeloma. Its other pipeline products include LB1910, LB1909, LB1903, and others. Geographically, the company generates a majority of its revenue from North America.
