Legend Biotech Corporation (LEGN) is an Outperform on Multiple Myeloma Treatment CARVYKTI Prospects
Legend Biotech Corp (NASDAQ:LEGN) is one of the best biotech stocks to buy according to Wall Street analysts. On December 8, RBC Capital reiterated an Outperform rating on Legend Biotech Corp (NASDAQ:LEGN) and set a $74 price target.
The positive stance echoes the superior efficacy data on the company’s multiple myeloma treatment CARVYKTI. Data presented at the ASH conference showed the candidate drug achieved more than 50 months of media progression-free survival in patients, setting a very high bar compared to peers. CARVYKTI is currently approved for adults with relapsed or refractory multiple myeloma, having treated over 9,000 patients globally.
The investment firm insists the stock’s current share price discounts the company’s ability to maintain market share backed by a robust pipeline. Consequently, RBC Capital expects the company to continue enjoying strong growth and near-term profitability. That’s in part because the company has demonstrated impressive revenue growth of 74.75% over the past 12 months.
Legend Biotech Corporation (NASDAQ:LEGN) is a global, clinical-stage biotechnology company that develops and commercializes advanced cell therapies, primarily for cancer, using technologies such as CAR-T cells, gamma-delta T cells, and NK cells to create treatments for life-threatening diseases, with notable success in multiple myeloma treatment via CARVYKTI in partnership with Johnson & Johnson.
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Disclosure: None. This article is originally published at Insider Monkey.
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