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On Monday, BMO Capital analysts reiterated an Outperform rating for Legend Biotech Corp . (NASDAQ:LEGN), maintaining a price target of $90.00. The stock, currently trading near its 52-week low at $28.95, appears undervalued according to InvestingPro analysis. With analyst targets ranging from $53 to $95, the stock has significant upside potential. The analysts highlighted the strong positioning of Carvykti, a product developed by Legend Biotech, following insights gathered from a Key Opinion Leader (KOL) panel and doctor checks at the American Society of Clinical Oncology (ASCO) meeting.
The analysts noted that Carvykti continues to hold a best-in-class status and emphasized the importance of its unique CRS onset, which allows for 100% outpatient dosing in major academic centers. This aspect of Carvykti’s administration is seen as a significant advantage in its market positioning. The company’s strong market position is reflected in its impressive 112% revenue growth over the last twelve months, with a healthy balance sheet showing more cash than debt.
In the context of the Anito-cel trial, the analysts pointed out that Parkinsonism is expected to be a class effect that will appear with all BCMA CARTs given sufficient follow-up. The trial’s principal investigator (PI) and KOL stressed that for Anito-cel to be competitive among physicians, it would need to demonstrate a competitive duration of response (DoR) and overall survival (OS) benefit.
Additionally, the analysts mentioned that the trispecific JNJ-5322 is likely to be used post-CART, following Carvykti’s application. The reaffirmation of the Outperform rating reflects BMO Capital’s confidence in Legend Biotech’s strategic positioning and product offerings. For deeper insights into LEGN’s valuation and growth prospects, including exclusive financial health scores and additional analyst recommendations, check out the comprehensive research available on InvestingPro.
In other recent news, Legend Biotech Corp. reported significant financial developments for the first quarter of 2025. The company announced total revenues of approximately $195 million, slightly above the forecasted $192.54 million, with Carvykti sales marking a 135% year-over-year increase. Despite reporting a net loss of $101 million, Legend Biotech holds a strong cash position of $1 billion, which is expected to sustain operations until projected profitability in 2026. Analyst firms RBC Capital Markets and Raymond (NSE:RYMD) James maintain an Outperform rating on the stock, with price targets of $78 and $86, respectively, citing the company’s revenue potential and strategic positioning in the CAR T cell therapy market.
TD Cowen reaffirmed a Buy rating with a $62 price target, emphasizing the robust sales growth of Carvykti, particularly in earlier treatment lines. The company is on track to expand its manufacturing capacity, aiming for over 10,000 annualized doses by the end of 2025. Truist Securities, however, adjusted its price target to $71, reflecting a more conservative outlook on Carvykti’s growth trajectory. The adjustment follows Legend Biotech’s first-quarter earnings report, which showed a 10% quarter-over-quarter increase in Carvykti sales, with a notable 65% surge outside the U.S.
Legend Biotech’s strategic initiatives include expanding its market presence in Europe and the U.S., alongside developing an in vivo CAR T platform. The company’s manufacturing success rate stands at 97%, with a turnaround time of 30 days, positioning Carvykti favorably for community adoption. As the company navigates market challenges, analysts remain optimistic about Legend Biotech’s future revenue opportunities and its ability to capitalize on its competitive advantages in the cell therapy space.
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