H.C. Wainwright analyst Mitchell S. Kapoor reiterated a Buy rating and $50.00 price target on Legend Biotech Corp. (NASDAQ: LEGN).

The analyst commented: "J&J yesterday reported 1Q26 WW CARVYKTI sales of $597M, up from $555M in 4Q25. U.S. sales rose to $433M from $420M and international sales increased to $164M from $135M. Despite the 8% Q/Q growth from 3Q, Legend’s stock was up only ~5.5% (vs. the XBI up ~2.5%). We think LEGN's current valuation is unwarranted, since the stock is trading at barely 2.9x sales (on a runrate basis), with significant room for growth. Furthermore, we believe LEGN is significantly undervalued relative to its core pre-commercial BCMA CAR-T peer, Arcellx (ACLX; Bodnar; Neutral), which Gilead (GILD; not rated) is acquiring for ~$7.8B despite the fact that Arcellx remains pre-commercial vs. Legend’s established position as a multi-billion dollar commercial leader in the MM market. Legend has barely tapped into the early-line market, offering significant upside potential as CARVYKTI scales further. CARVYKTI consensus was last at $2.8B, which is even higher than our model (~$2.6B)—and thus our annual estimates remain conservative and unchanged. We reiterate our Buy rating and 12-month price target of $50."

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Shares of Legend Biotech Corp. closed at $18.69 yesterday.