TD Cowen downgraded Legend Biotech (LEGN) to Hold from Buy with a price target of $21, down from $62. The company’s Q4 miss for Carvykti at $555M vs consensus $582M is due to holiday seasonality, but likely also a symptom of sluggish demand given toxicity concerns and encroaching competition, the analyst tells investors in a research note. These factors have detracted from uptake in the community, which is progressing slower than anticipated, and even in academic centers, the firm added.
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