Legend Biotech’s Promising Outlook: Strong Demand, Capacity Expansion, and Market Leadership Drive Buy Rating

BMO Capital analyst Kostas Biliouris reiterated a Buy rating on Legend Biotech (LEGN – Research Report) yesterday and set a price target of $90.00.

Kostas Biliouris has given his Buy rating due to a combination of factors surrounding Legend Biotech’s promising outlook. The company has demonstrated strong demand for its Carvykti product, maintaining over 95% operational capacity since its approval, which is indicative of its robust market presence. Additionally, the management’s confidence in achieving a production capacity of 10,000 slots per year by the end of 2025 suggests significant revenue potential, estimated to exceed $3 billion annually.
Furthermore, Carvykti’s safety profile continues to improve, with ongoing trials and real-world data supporting its efficacy. The management does not perceive trispecifics as a major threat to Carvykti, given their expected lower efficacy and higher infection rates. This positions Carvykti as a leading therapy in multiple myeloma, making Legend Biotech an attractive candidate for mergers and acquisitions. These factors collectively underpin Biliouris’s positive outlook and Buy rating for Legend Biotech.

In another report released on May 14, Scotiabank also maintained a Buy rating on the stock with a $76.00 price target.