Scotiabank Reiterates Sector Outperform Rating on Legend Biotech Corp. (LEGN)

Scotiabank analyst George Farmer reiterated a Sector Outperform rating and $76.00 price target on Legend Biotech Corp. (NASDAQ: LEGN).

The analyst commented, "We think the 45% reduction in risk of death with Carvykti vs. standard of care in the CARTITUDE-4 trial reported last Friday is in-line with expectations. The fact that median OS was not reached (HR 0.55) along with 76% patients alive after 30 months and an argument supporting cost-effectiveness, we see an extremely compelling case for treating 2L+ multiple myeloma patients with Carvykti before anything else. We expect these results to continue fueling demand in 2L which should translate into Q3E WW sales of $252M and robust ~35% q/q sales growth, per our model. We think capacity expansions should meaningfully contribute to uptick in sales starting in Q4, consistent with management guidance. Carvykti top-line performance will be revealed in partner JNJ’s earnings report on October 15."

For an analyst ratings summary and ratings history on Legend Biotech Corp. click here. For more ratings news on Legend Biotech Corp. click here.

Shares of Legend Biotech Corp. closed at $49.27 yesterday.

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