Rothschild & Co Redburn analyst Qize Ding downgraded Legend Biotech (LEGN) to Neutral from Buy with a price target of $24, down from $83. The firm believes Legend Biotech’s only marketed product, Carvykti, will face major competition across all line settings of multiple myeloma following the ASH 2025 conference, the analyst tells investors. The firm’s survey work suggests “a strong willingness” from physicians for adoption of bispecific-based therapy in the earlier line settings in the short term, the analyst added. The firm lowered its global peak sales estimates to $6B from $10B, placing its forecast about 16% below consensus, the analyst noted.
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