Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Legend Biotech (LEGN – Research Report). The associated price target was raised to $75.00.
Mitchell Kapoor has given his Buy rating due to a combination of factors including Legend Biotech’s optimistic outlook for CARVYKTI sales and its capacity to meet and exceed demand by the end of 2025. The company anticipates achieving the 2025 consensus revenue of $1.9 billion, with a significant increase in production capacity to 10,000 doses, which positions them well to cater to future demand.
Additionally, the demand for CARVYKTI in the 2L multiple myeloma setting is robust, with outpatient treatments comprising a growing portion of the volume. The expansion of approved hospitals for CARVYKTI treatment and the anticipated label expansion to include overall survival benefits further strengthen its market position. These factors, combined with the potential for future growth in earlier-line settings, underpin Kapoor’s confidence in Legend Biotech’s stock potential, leading to an increased price target of $75.
In another report released today, Citi also maintained a Buy rating on the stock with a $95.00 price target.
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