Oppenheimer initiated coverage of Legend Biotech (LEGN) with an Outperform rating and $75 price target The firm notes the company commercializes Carvykti, a multiple-myeloma CAR-T therapy whose sales surpass all CARTs across all indications and are expected to deliver Legend profitability in 2026. Despite Carvykti’s notable growth, Oppenheimer believes Legend is the most undervalued company among 11 relevant peers and trading near its all-time low price, largely due to market concerns around potential competition from Anito-cel and Dara-Tec. Acknowledging Anito-cel/Dara-Tec competitiveness, the firm thinks market concerns are overdone, and Legend risk/reward is significantly skewed to the upside.
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