In a report released yesterday, Kelly Shi from Jefferies maintained a Buy rating on Legend Biotech (LEGN – Research Report), with a price target of $91.00.
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Kelly Shi has given his Buy rating due to a combination of factors including the robust performance and promising future prospects of Legend Biotech’s Carvykti. The product has shown strong sales growth, with a 10% increase quarter-over-quarter, driven by expanded market share and increased production capacity. The company is also seeing a rising preference for Carvykti in early-line treatments, supported by positive survey results and updated EMA labeling.
Additionally, Legend Biotech is making significant strides in manufacturing expansion, with plans to start commercial production at the Tech Lane facility by the end of 2025 and anticipated FDA approval for the NJ site expansion. The company is also expecting multiple clinical readouts in 2025, which could further bolster Carvykti’s market position. These strategic moves indicate a strong growth trajectory, justifying the Buy rating.
According to TipRanks, Shi is an analyst with an average return of -7.2% and a 32.83% success rate. Shi covers the Healthcare sector, focusing on stocks such as Summit Therapeutics, Legend Biotech, and Incyte.
In another report released today, Scotiabank also maintained a Buy rating on the stock with a $76.00 price target.