mbbirdy Deutsche Bank has initiated coverage of Legend Biotech ( NASDAQ: LEGN ) with a buy rating due to an expected increase in manufacturing capability and patient slot availability for its CAR-T therapy Carvykti. The firm has a $60 price target (~41% upside based on May 22 close). Carvykti (ciltacabtagene autoleucel) is a gene therapy for multiple myeloma that is marketed along with Johnson & Johnson ( JNJ ) Analyst James Shin said that an abstract from Carvykti's CARTITUDE-2 trial that will be presented at the 2024 ASCO annual meeting later this month "will help to keep investors engaged until more newly diagnosed multiple myeloma (NDMM) data read out at year-end from Cohorts E.
.. and F.
" "We see these CARTITUDE-2 updates as read-throughs for the Ph3 CARTITUDE-5 and -6 trials that are underway for NDMM," he added." Carvykti had ~$500M in sales in 2023. Despite the new buy rating, Legend Biotech ( LEGN ) is down ~6% in Thursday trading.
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