Legend Biotech Corp. (LEGN) PT Raised to $70 at Scotiabank

Scotiabank analyst George Farmer raised the price target on Legend Biotech Corp. (NASDAQ: LEGN) to $70.00 (from $65.00) while maintaining a Sector Outperform rating.

The analyst commented: "We see the Carvykti sales beat likely marking the beginning of a sales ramp in the 2L+ multiple myeloma treatment segment. While we have maintained that 1H/24 sales don’t really matter, the higher-than-expected growth fuels our total 2024 sales estimate and feeds our increased price target of $70. Our Sector Outperform rating continues to reflect our view of an attractive entry point ahead of increased growth that we see kicking in following expansion of commercial manufacturing capacity in Q4 and again in 2025."

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