Legend Biotech, the Healthcare sector company, was revisited by a Wall Street analyst yesterday. Analyst Justin Zelin from BTIG reiterated a Buy rating on the stock and has a $91.00 price target.
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Justin Zelin has given his Buy rating due to a combination of factors, primarily driven by Legend Biotech’s impressive sales performance and strategic growth initiatives. The company reported a record quarter with CARVYKTI sales reaching $439 million, marking a 136% year-over-year growth, which positions it as the leading CAR-T therapy in the market. This growth is attributed to strong demand in the U.S. and significant market penetration, with a notable percentage of treatments occurring in community settings.
Furthermore, Legend Biotech is expanding its manufacturing capabilities to meet the rising global demand, with plans to increase production capacity at their Raritan facility and initiate commercial production in Belgium. The company’s robust pipeline, including the progression of CARVYKTI into earlier treatment settings and ongoing studies, supports future growth prospects. With a strong balance sheet and expected profitability by 2026, these factors collectively justify the Buy rating and the target price of $91.
In another report released today, Barclays also maintained a Buy rating on the stock with a $94.00 price target.
LEGN’s price has also changed slightly for the past six months – from $34.630 to $36.240, which is a 4.65% increase.