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Legend Biotech’s Carvykti Shows Strong Potential and Undervalued Stock Presents Attractive Investment Opportunity

Legend Biotech’s Carvykti Shows Strong Potential and Undervalued Stock Presents Attractive Investment Opportunity

J.P. Morgan analyst Jessica Fye has maintained their bullish stance on LEGN stock, giving a Buy rating on May 23.

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Jessica Fye has given her Buy rating due to a combination of factors that highlight the potential of Legend Biotech’s key product, Carvykti, and its promising pipeline. The investor event and pipeline updates underscored Carvykti’s strong efficacy and safety profile, particularly in late-line multiple myeloma, with a significant portion of patients remaining alive and progression-free for over five years. The expert commentary at the event emphasized the product’s long off-treatment interval and low rate of adverse effects, making it increasingly favorable for use in earlier treatment lines.
Beyond Carvykti, Fye views Legend Biotech’s stock as undervalued, presenting an attractive entry point for investors. The company’s early-stage assets, though still in preliminary phases, show potential, and the ongoing development of these assets could lead to significant upside. While initial data from the early CAR-T assets require further validation, the depth of response at higher doses is promising. Fye remains optimistic about the company’s growth prospects as Carvykti continues to gain traction and the pipeline matures.

In another report released on May 23, BTIG also maintained a Buy rating on the stock with a $91.00 price target.

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