H.C. Wainwright Reiterates Buy Rating on Legend Biotech Corp. (LEGN)

H.C. Wainwright analyst Mitchell S. Kapoor reiterated a Buy rating and $65.00 price target on Legend Biotech Corp. (NASDAQ: LEGN).

The analyst commented: "60.5-month median progression-free survival reinforces CARVYKTI’s durability edge in earlier-line multiple myeloma. Legend’s IMS update showed that 10/20 patients in CARTITUDE-2 Cohort A remained alive and progression-free without additional anti-myeloma therapy ≥5 years after one infusion. Median PFS reached 60.5 months at 60.7 months’ median follow-up, with five-year OS of 69.2%. More importantly, 60% of these 2L-4L patients were dara-refractory and 40% were triple-class refractory. Tec-Dara’s March FDA approval brought substantial efficacy into 2L+, with 83.4% three-year PFS in MajesTEC-3, but that trial excluded anti-CD38-refractory disease and only 5% had prior anti-CD38 exposure. We thus see continued differentiation for CARVYKTI after DARZALEX failure, where applicability of Tec-Dara’s pivotal results is more limited. Five-year remissions without maintenance in a largely refractory cohort strengthen the case for earlier CARVYKTI referral, even as bispecific combos improve. We reiterate our Buy rating and 12-month price target of $65."

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 $19.11 yesterday.

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