RBC Capital analyst Leonid Timashev reiterated an Outperform rating and $64.00 price target on Legend Biotech Corp. (NASDAQ: LEGN).

The analyst commented: "Tidbits From Investor Event: Pointing Carvykti Toward Use in Earlier Setting; On Sunday, LEGN hosted an analyst event discussing Carvykti's position in the myeloma market. We agree that Carvykti is a very attractive therapy, with a compelling near-cure narrative, and both the clinical data and biology support a rationale for success in earlier lines. While safety and competition will remain overhangs, we think a better understanding of movement disorder causes (e.g. insufficient bridging) can continue to improve the therapeutic window in the real world, and that Carvykti's entrenchment and large myeloma market will be sufficient to sustain growth. While shares have been rebounding on in-vivo excitement, we also remain enthusiastic on the core business, and remain buyers."

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Shares of Legend Biotech Corp. closed at $27.16 yesterday.