H.C. Wainwright analyst Mitchell Kapoor maintained a Buy rating on Legend Biotech today and set a price target of $50.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that highlight a disconnect between Legend Biotech’s fundamentals and its current valuation. He views the recent share price decline following a modest sales shortfall as excessive, especially since CARVYKTI is already delivering robust quarter-over-quarter revenue growth and operating at a multi‑billion‑dollar annualized sales run rate. In his view, Legend trades at an undemanding sales multiple and appears notably cheaper than its key BCMA CAR‑T competitor Arcellx, despite Legend’s established commercial leadership and larger, de‑risked revenue base. Kapoor underscores that CARVYKTI is still in the early stages of penetrating earlier treatment lines, leaving meaningful room for expansion.
Kapoor also emphasizes the therapeutic and strategic advantages of CARVYKTI that support long‑term value creation. He points to the therapy’s curative potential and durable responses, which differentiate it from chronic regimens like TECVAYLI plus DARZALEX and position it as a preferred option as it moves earlier in the treatment paradigm. Moreover, he highlights Janssen’s strong commitment to making CARVYKTI a standard of care at first relapse and its growing uptake in both community and academic settings. Even after using more conservative modeling assumptions and cutting his price target to $50, Kapoor notes that this target remains more than double the current share price, reinforcing his view that the stock offers a rare and compelling buying opportunity.
Kapoor covers the Healthcare sector, focusing on stocks such as Halozyme, Neurogene, and Ionis Pharmaceuticals. According to TipRanks, Kapoor has an average return of 5.9% and a 40.22% success rate on recommended stocks.
In another report released yesterday, Oppenheimer also reiterated a Buy rating on the stock with a $75.00 price target.