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

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."

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 $18.69 yesterday.

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