Legend Biotech: Strong Market Position and Growth Potential Justify Buy Rating

Analyst Kelly Shi of Jefferies maintained a Buy rating on Legend Biotech (LEGN – Research Report), retaining the price target of $91.00.

Kelly Shi has given her Buy rating due to a combination of factors that highlight Legend Biotech’s strong market position and growth potential. The company’s Carvykti sales are projected to be robust, with Q1 sales closely aligning with expectations, despite being slightly below consensus estimates. This consistency is supported by management’s guidance of modest growth and the typical seasonal slowdown in Q4.
Additionally, Legend Biotech faces minimal risk from tariffs and delisting concerns, as its manufacturing sites are strategically located in the US and EU, and its intellectual property is domiciled in favorable jurisdictions. The potential competition from BsAb in the 2-4L market is not expected to significantly impact Carvykti’s demand, as Carvykti’s efficacy and treatment profile make it a preferred option. These factors collectively contribute to a positive outlook for Legend Biotech, justifying the Buy rating.

According to TipRanks, Shi is an analyst with an average return of -9.2% and a 32.99% success rate. Shi covers the Healthcare sector, focusing on stocks such as Incyte, Summit Therapeutics, and Legend Biotech.

In another report released on April 10, TD Cowen also reiterated a Buy rating on the stock with a $62.00 price target.