Mitchell Kapoor, an analyst from H.C. Wainwright, reiterated the Buy rating on Legend Biotech. The associated price target remains the same with $75.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors including the strong performance and market position of Legend Biotech’s CARVYKTI therapy. CARVYKTI has rapidly established itself as a leading CAR-T therapy for myeloma, achieving significant sales growth both in the U.S. and internationally. The therapy’s sales figures have shown impressive increases, with a notable 19% sequential rise and a 136% year-over-year gain in the second quarter of 2025. This growth is supported by successful launches in various international markets and an expanding treatment center network.
Additional factors contributing to the Buy rating include Legend Biotech’s strategic capacity expansions and regulatory advancements. The company is on track with its Raritan facility expansion and is expected to commence commercial production in Belgium soon. The removal of REMS requirements by the FDA has also improved patient access and experience, potentially boosting adoption rates. Furthermore, anticipated updates to the FDA label regarding overall survival data from CARTITUDE-4 and changes in reimbursement requirements are expected to drive further adoption of CARVYKTI, reinforcing the positive outlook for Legend Biotech.
In another report released today, Barclays also maintained a Buy rating on the stock with a $94.00 price target.