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On Wednesday, RBC Capital Markets reiterated an Outperform rating and a $84.00 price target on Legend Biotech Corp . (NASDAQ:LEGN), highlighting the stock as an attractive investment opportunity with strong growth potential and a path to near-term profitability. According to InvestingPro data, analyst targets range from $53 to $95, with the stock currently trading at $37.07, suggesting significant upside potential.
In the latest earnings report, Legend Biotech announced its fourth-quarter results for 2024, which prompted a discussion with the management team. The company has demonstrated remarkable growth, with revenue surging 123% over the last twelve months to $520 million. The management team reaffirmed their confidence in the company’s strong performance in 2025, emphasizing expected sequential growth and long-term expansion through additional manufacturing facilities and the progress of its first-line (1L) studies.
RBC Capital estimates that Legend Biotech’s Carvykti revenues will reach approximately $1.93 billion in 2025. The analysts are also anticipating further clinical presentations on steroid regimens, which they believe will bolster the adoption and integration of Carvykti into treatment protocols.
The analysts at RBC Capital argue that despite the current challenges faced by the biotech sector, Legend Biotech stands out as a compelling choice for investors seeking revenue-generating companies with a safety profile. They cite the company’s trajectory towards near-term profitability and robust growth prospects as key reasons for their positive outlook on the stock, recommending investors to consider buying shares.
In other recent news, Legend Biotech Corporation reported fourth quarter 2024 financial results that surpassed analyst expectations. The company achieved adjusted earnings per share of -$0.16, exceeding the consensus estimate of -$0.25, and reported revenue of $186.52 million, which was above the projected $173.99 million. CARVYKTI, a treatment for multiple myeloma, contributed significantly with net trade sales reaching approximately $334 million in Q4 and $963 million for the full year 2024. Furthermore, Legend Biotech has treated over 5,000 patients with CARVYKTI to date.
In related developments, Piper Sandler maintained its Overweight rating on Legend Biotech, with a price target of $78, citing expected growth in CARVYKTI sales from $963 million in 2024 to $1.75 billion in 2025. H.C. Wainwright also raised its price target for the company to $75, maintaining a Buy rating, based on Legend Biotech’s expected sales performance and production capacity goals. BMO Capital Markets reaffirmed its Outperform rating with a $90 target, highlighting anticipated revenue growth and the potential impact of competitor therapy challenges. These developments reflect ongoing confidence from analysts in Legend Biotech’s growth trajectory and strategic initiatives.
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