Legend Biotech Corp. (LEGN) PT Lowered to $91 at Jefferies

Jefferies analyst Kelly Shi lowered the price target on Legend Biotech Corp. (NASDAQ: LEGN) to $91.00 (from $94.00) while maintaining a Buy rating.

The analyst comments "JNJ reported $334M WW Carvykti sales (+17% Q/Q), beating $326M cons by ~2%, showing the best CART launch. As FY24 sales reached $963M (+93% Y/Y), we expect strong growth momentum to continue in '25 on strong demand in earlier lines, cont'd capacity expansion & improvement in manuf efficiency. LEGN reported new findings suggesting ALC-guided prophylactic steroid use could improve tolerability and mitigate delayed neurotox in real-world setting."

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