Cantor starts Legend Biotech at Overweight on Carvykti expansion

Cantor Fitzgerald initiated coverage of Legend Biotech with an Overweight rating and $82 price target. The company develops, manufacturers and commercializes Carvykti with partner Janssen, a leading CAR-T therapy for the treatment of multiple myeloma, the analyst tells investors in a research note. The firm is bullish on the approval of Carvykti’s applications for label expansion into second-fourth line multiple myeloma. It pegs the long-term Carvykti opportunity at $8B. Carvykti’s best-in-class efficacy and favorable competitive positioning will lead to durable revenues, contends Cantor.