Legend Biotech weakness a buying opportunity, says Barclays

Barclays analyst Gena Wang reiterated an Overweight rating and $94 price target on Legend Biotech (LEGN) after Johnson & Johnson (JNJ) reported a “strong beat” of Carvykti. The firm noted that Legend stock was under pressure, likely due to concerns on Q4 competitor data at ASH, though such concerns are a short-term focus. Barclays expects continued meaningful revenue step-up into 2025 and beyond, and still expects Carvykti to maintain as the best in class asset in multiple myeloma. Additionally, the weakness in Legend stock presents a buying opportunity, the analyst tells investors in a research note.