Kostas Biliouris, an analyst from BMO Capital, maintained the Buy rating on Legend Biotech (LEGN – Research Report). The associated price target remains the same with $90.00.
Kostas Biliouris has given his Buy rating due to a combination of factors that highlight the potential for significant growth in Legend Biotech’s stock. The anticipated expansion in manufacturing capacity is expected to drive substantial revenue increases for Carvykti, with projections suggesting a doubling of revenues year-over-year by 2025. This expansion is supported by the commencement of commercial production at various facilities, including NVS, Raritan, and Techlane, which are set to become operational throughout 2025.
Additionally, the company is addressing safety concerns related to Carvykti’s delayed neurotoxicity through the implementation of prophylactic steroid use, which is expected to enhance the therapy’s safety profile. The clinical pipeline is also advancing, with promising readouts anticipated from ongoing studies in solid tumors and autoimmune indications. These developments, coupled with the strategic focus on expanding Carvykti’s reach in earlier lines and international markets, underpin the positive outlook for Legend Biotech’s stock.
Biliouris covers the Healthcare sector, focusing on stocks such as Legend Biotech, BioMarin Pharmaceutical, and Sarepta Therapeutics. According to TipRanks, Biliouris has an average return of -12.6% and a 29.47% success rate on recommended stocks.
In another report released today, Citi also maintained a Buy rating on the stock with a $95.00 price target.
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