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Legend Biotech: Favorable Positioning and Growth Potential Justify Buy Rating

Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Legend Biotech (LEGNResearch Report) and keeping the price target at $75.00.

Mitchell Kapoor has given his Buy rating due to a combination of factors that position Legend Biotech favorably in the current economic climate. One of the key reasons is Legend’s lack of tariff exposure, which is particularly advantageous in unpredictable macroeconomic conditions. The company manufactures its CARVYKTI product domestically in the U.S. and Europe, avoiding the need to import materials and thus shielding itself from potential tariff impacts. Additionally, Legend’s intellectual property strategy, with U.S. IP domiciled domestically and ex-U.S. IP in Ireland, further minimizes exposure to transfer pricing issues.
Another significant factor contributing to the Buy rating is the commercial potential of CARVYKTI, especially in light of changes at the FDA that may pose challenges for development-stage biotech companies. Despite these regulatory uncertainties, Legend’s commercial uptake of CARVYKTI in earlier-line multiple myeloma (MM) is seen as a strong growth driver. The product’s best-in-class data supports its status as a standard-of-care treatment, and the anticipated 2L launch is expected to further catalyze growth. With a significant market opportunity in the 2L MM setting, Kapoor believes that Legend Biotech is well-positioned for continued success, justifying the Buy rating and a 12-month price target of $75 per share.

In another report released on April 3, RBC Capital also maintained a Buy rating on the stock with a $84.00 price target.

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