BMO Capital Reiterates Outperform Rating on Legend Biotech Corp. (LEGN)

BMO Capital analyst Kostas Biliouris reiterated an Outperform rating and $90.00 price target on Legend Biotech Corp. (NASDAQ: LEGN).

The analyst commented, "Based on our analysis of IQVIA sales data, we believe that Carvykti WW sales in 3Q24 are ~ $280-295M, ~12-18% ahead of LEGN analyst consensus (~17-27% ahead of J&J consensus). Our analysis assumes ~11% net-to-gross and U.S./WW sales=85-90% (based on historical data). Although we don't have visibility on the accuracy of the IQVIA data, we believe data from previous quarters are in line with reported sales. Note that investors largely expect 3Q24 Carvykti sales to beat consensus. Overall, our analysis points to strong (~50-60%) QoQ growth further validating Carvykti's strong potential."

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 $48.06 yesterday.

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