Legend Biotech (LEGN – Research Report), the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Jeet Mukherjee from BTIG maintained a Buy rating on the stock and has a $91.00 price target.
Jeet Mukherjee has given his Buy rating due to a combination of factors including the impressive sales performance of CARVYKTI in the first quarter, which surpassed expectations and demonstrated significant year-over-year growth. This growth is attributed to increased market share and expanded production capacity, which are viewed positively given the company’s guidance for modest growth due to seasonal factors and scheduled maintenance.
Furthermore, Mukherjee highlights the potential for further growth driven by additional manufacturing expansions planned for 2025. The anticipated increase in production capacity from various facilities, including those in Belgium and the Raritan site, supports the company’s goal of significantly increasing annual doses by 2025 and 2027. The valuation of Legend Biotech, based on a discounted cash flow model, also supports the Buy rating, indicating confidence in the company’s future performance and demand for its products.
In another report released today, Barclays also maintained a Buy rating on the stock with a $94.00 price target.
LEGN’s price has also changed moderately for the past six months – from $44.910 to $33.740, which is a -24.87% drop .