BTIG analyst Justin Zelin reiterated a Buy rating on Legend Biotech (LEGN – Research Report) on November 20 and set a price target of $91.00.
Justin Zelin has given his Buy rating for Legend Biotech due to a combination of factors. Firstly, Legend Biotech’s management has received confirmation from the FDA that an Adcom is not expected for the sBLA of CARVYKTI. This signifies an advantage for Legend Biotech as it continues to show a positive trend in OS, which the FDA emphasizes. Furthermore, Zelin notes that Legend Biotech continues to perform well in manufacturing and improving the out of spec rate, which can be seen as an encouraging sign for the company’s performance in the future.
In addition, Legend Biotech is stepping up its manufacturing process into the fourth quarter, with the impacts expected to be realized in early 2024. This suggests that the company is making necessary preparations for future growth. Zelin also highlights that the company’s clinical site expansion continues, coupled with a reduction in market share from its competitors. He also noted that Legend Biotech submitted a comprehensive correlative analysis on CARVYKTI in June, which they expect will allow for a widening of release criteria and reduce the out-of-spec rate by another level. Based on these factors, Zelin has reiterated his Buy rating for Legend Biotech.
In another report released yesterday, H.C. Wainwright also reiterated a Buy rating on the stock with a $87.00 price target.
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Legend Biotech (LEGN) Company Description:
Legend Biotech Corp is a clinical-stage biopharmaceutical company. It is engaged in the discovery and development of novel cell therapies for oncology and other indications. The firm’s lead product candidate, LCAR-B38M/JNJ-4528, is a chimeric antigen receptor, or CAR, T cell therapy is for the treatment of multiple myeloma. Its other pipeline products include LB1910, LB1909, LB1903, and others. Geographically, the company generates a majority of its revenue from North America.
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