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Investing.com - H.C. Wainwright reduced its price target on Legend Biotech Corp. (NASDAQ:LEGN) to $60.00 from $75.00 on Friday, while maintaining a Buy rating on the stock. The new target still represents significant upside potential, with analyst targets ranging from $54 to $94. According to InvestingPro analysis, Legend Biotech maintains strong financial health with a GOOD overall rating.
The price target adjustment follows Johnson & Johnson’s third-quarter 2025 report of CARVYKTI sales reaching $524 million, slightly above consensus estimates of $516 million but below H.C. Wainwright’s projection of $532 million.
Legend Biotech shares rose 1.2% following the earnings announcement, tracking closely with the broader XBI biotech index, which gained 1.3% on the same day.
The firm noted that investor sensitivity to Johnson & Johnson’s earnings reports has diminished compared to earlier in 2025, when Legend’s stock typically gained 5-8% on earnings days versus the XBI’s 0-1% movement.
According to H.C. Wainwright, investors are now more focused on the long-term evolution of Legend Biotech’s market opportunity rather than quarterly performance beats.
In other recent news, Legend Biotech Corp has reported its second-quarter 2025 earnings, showing a notable increase in revenue to $255.06 million, surpassing the forecast of $234.23 million. Despite the revenue growth, the company posted a larger-than-expected loss per share of $0.34, missing the anticipated loss of $0.1153. RBC Capital responded to these results by raising its price target for Legend Biotech to $77.00, maintaining an Outperform rating, and highlighting continued strong demand for the company’s Carvykti product. Additionally, Legend Biotech has appointed Carlos Santos as its new Chief Financial Officer, succeeding Jessie Yeung. Santos is expected to focus on financial operations and work towards the company’s profitability goals for 2026. Meanwhile, RBC Capital reiterated its confidence in Legend Biotech’s shares, citing a discounted valuation and the strength of its core business. In other developments, BeiGene’s stock experienced volatility due to concerns over a potential executive order by President Trump targeting Chinese biotech firms, though RBC Capital views this as a buying opportunity.
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