Legend Biotech Corp. (LEGN) PT Raised to $86 at RBC Capital

RBC Capital analyst Leonid Timashev raised the price target on Legend Biotech Corp. (NASDAQ: LEGN) to $86.00 (from $85.00) while maintaining a Outperform rating.

The analyst comments "This morning LEGN reported 1Q24 earnings and we had a chance to catch up with the mgmt team. With the softer 1Q24 now behind us, we look to growing demand and completion of testing batches to return Carvykti to growth in 2Q, and the 2L launch and manufacturing expansion to enable considerable revenue stepups in 2H24E. With shares down 38% since February highs, we look for accelerating revenue growth from here (now est. $926M for FY24 sales) in the face of lower investor expectations to help energize shares and better illustrate the path towards a >$10B out-year opportunity. Price target to $86 on model updates."

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