Legend Biotech price target raised to $90 from $85 at BTIG

BTIG analyst Justin Zelin raised the firm’s price target on Legend Biotech to $90 from $85 and keeps a Buy rating on the shares. The analyst cites late-breaking oral session for Phase 3 CARTITUDE-4 at ASCO receiving applause from physicians given the best-in-class and unprecedented median progression free survival hazard ratio. Deep, durable, and consistent responses were noted in all key subgroups, including about 60% with high risk cytogenetics, 14% triple-refractory, 21% w/ soft- tissue plasmacytomas, and 6% International Staging System (ISS) stage III, which was “well-balanced across arms”, the firm tells investors in a research note.