JEWISH DIGITAL TIMES
Legend Biotech has a best-in-class product and could become a global leader in the cell and gene therapy space, according to Goldman Sachs. Analyst Ziyi Chen initiated coverage of the stock with a buy rating and a $90.09 target price per share, which implies the stock could rally 36.6%. “We believe Legend has the potential to grow into a leading global cell therapy company,” Chen said in a note to clients. Chen said Legend has built a portfolio covering multiple solid tumor and hematology treatments within the CAR T-cell therapy area. Its leading therapy in the space is Carvykti, which he described as “best-in-class.” In partnership with Johnson & Johnson , Carvykti is undergoing capacity expansion in the U.S. and European Union to meet demand. The tight supplies will continue to cap the number of treatments, though Chen said that it is expected to resolve in the near term. Even as capacity expands, Chen anticipates regulatory scrutiny will remain heightened in the near-term due the “complexity and variability of the manufacturing process.” Chen expects Legend to see $6.8 billion in risk-adjusted global sales for the drug in 2030. He “major market share” is likely given the treatment’s high status. Legend stock rose 0.3% in Monday’s session. Shares have outperformed in 2023, climbing more than 32% year to date. — CNBC’s Michael Bloom contributed to this report
