Analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Legend Biotech and keeping the price target at $75.00.
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Mitchell Kapoor has given his Buy rating due to a combination of factors that highlight the strong position of Legend Biotech’s CARVYKTI in the multiple myeloma treatment landscape. Despite the recent FDA approval of LYNOZYFIC, a BCMA x CD3 bispecific antibody, Kapoor believes that CARVYKTI’s entrenched position in early-line multiple myeloma treatments will not be significantly impacted by this new competitor. CARVYKTI is approved for use in the second-line setting and is involved in ongoing trials for first-line treatment, which strengthens its market position.
Furthermore, the removal of the Risk Evaluation and Mitigation Strategy (REMS) language from CARVYKTI’s label by the FDA underscores its favorable risk-benefit profile compared to other BCMA-directed bispecific therapies, which still carry REMS language. This differentiation in safety, along with CARVYKTI’s established commercial presence, supports Kapoor’s confidence in its continued success. As a result, he reiterates a Buy rating with a 12-month price target of $75, expecting limited competition from bispecific agents in the near future.
Kapoor covers the Healthcare sector, focusing on stocks such as Sarepta Therapeutics, Summit Therapeutics, and Halozyme. According to TipRanks, Kapoor has an average return of -15.6% and a 34.62% success rate on recommended stocks.
In another report released yesterday, RBC Capital also maintained a Buy rating on the stock with a $75.00 price target.