H.C. Wainwright says Legend Biotech competition concerns overdone

H.C. Wainwright analyst Mitchell Kapoor says private company Kelonia Therapeutics reported early in vivo CAR-T data that showed no detectable cancer cells in all three treated patients and “robust” CAR-T expansion without lymphodepletion. The data pressured valuations across the B-cell maturation antigen space, the analyst tells investors in a research note. However, H.C. Wainwright believes Kelonia’s dataset remains “extremely small” and “far from” clinically comparable to a commercial-stage CAR-T. It sees little readthrough to Legend Biotech’s (LEGN) Carvykti and reiterates a Buy rating on the shares with a $60 price target Legend’s competitive fears are overdone, the firm contends.