Legend Biotech price target raised to $77 from $66 at H.C. Wainwright

H.C. Wainwright raised the firm’s price target on Legend Biotech (LEGN) to $77 from $66 and keeps a Buy rating on the shares. The "impressive" Phase 3 Carvykti data "tees up a move into earlier-line multiple myeloma," the analyst tells investors in a research note. The firm highlights that the hazard ratio of 0.26 was viewed as better than expected and well ahead of the 0.49 hazard ratio seen in the Phase 3 trial of Bristol Myers Squibb’s (BMY) and 2seventy bio’s (TSVT) Abecma. It now believes Legend has an increased potential to "cast a wider net" with Carvykti to treat the earlier-line multiple myeloma population.