Analyst Kelly Shi from Jefferies reiterated a Buy rating on Legend Biotech (LEGN – Research Report) and keeping the price target at $91.00.
Kelly Shi has given his Buy rating due to a combination of factors surrounding Legend Biotech’s promising product, Carvykti. The drug has shown a strong launch trajectory, with sales reaching $963 million in fiscal year 2024, marking a 93% year-over-year increase. This momentum is expected to continue into 2025, with sales potentially doubling due to robust demand in the 2-4L settings and planned manufacturing expansions.
Carvykti’s best-in-class profile and first-mover advantage in multiple myeloma therapy are significant contributors to the Buy rating. It remains the only approved treatment in the second-line setting and has demonstrated unprecedented overall survival benefits. Furthermore, any new competitors in the CAR-T space are projected to be at least four years behind, providing Carvykti with a solid competitive edge. The company also anticipates alleviating supply constraints by the end of the year, further supporting its growth prospects.
In another report released today, Piper Sandler also reiterated a Buy rating on the stock with a $78.00 price target.
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