Legend Biotech, the Healthcare sector company, was revisited by a Wall Street analyst today. Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on the stock and has a $75.00 price target.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that highlight the promising outlook for Legend Biotech’s CARVYKTI. The recent FDA approval of a supplemental BLA for CARVYKTI, which removes the need for a risk evaluation and mitigation strategy, underscores the favorable risk-benefit profile of the treatment. This change, along with updated monitoring requirements, is expected to accelerate the launch of CARVYKTI in the U.S. market.
Additionally, despite the European Medicines Agency’s recommendation to add warnings about potential immune-mediated enterocolitis, the extensive experience of physicians with CARVYKTI supports the belief that its benefits continue to outweigh the risks. The entrenched position of CARVYKTI in the 2L setting ahead of competitors further strengthens its market potential. Kapoor’s valuation, using a discounted cash flow analysis, reflects a robust enterprise value, driven by expectations of CARVYKTI’s use in earlier treatment lines and potential approvals of other pipeline candidates.
In another report released on June 30, BMO Capital also initiated coverage with a Buy rating on the stock with a $90.00 price target.