Kostas Biliouris, an analyst from BMO Capital, maintained the Buy rating on Legend Biotech. The associated price target remains the same with $90.00.
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Kostas Biliouris has given his Buy rating due to a combination of factors that highlight Legend Biotech’s promising growth trajectory. The company has shown encouraging sales growth for its Carvykti product, with a notable increase in average weekly US sales in early Q3, suggesting that it could meet or exceed the second-half consensus sales expectations. Additionally, the company has a strong cash position, which is expected to support its path to profitability by 2026, alleviating concerns about its financial stability.
Moreover, Legend Biotech’s Carvykti therapy has demonstrated a significant cure rate in heavily pretreated patients, and improvements in safety have been observed, which could enhance its market position. The expansion of manufacturing capabilities and the removal of certain regulatory requirements are also expected to support future sales growth. These factors, combined with the potential for further market differentiation from competitors, underpin the positive outlook for Legend Biotech’s stock.
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.