Legend Biotech Shares Move Higher After Bullish BMO Pitch

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  • BMO Capital Markets initiated coverage on Legend Biotech Corporation LEGN with a price target of $77, and an Outperform rating.
  • The analyst says the company's recently approved Carvykti for multiple myeloma is best-in-class late-line CAR T therapy.
  • Related: EMA's CHMP Clears Janssen, Legend's Multiple Myeloma CAR-T Therapy
  • Though the analyst expects a gradual increase in sales due to manufacturing limitations, in the long term, he sees a blockbuster opportunity for Carvykti as the leader in multiple myeloma CAR T therapies with peak sales of around $5.5 billion.
  • Legend and its collaborator Janssen, a unit of Johnson & Johnson JNJ, are working on expanding Carvykti's addressable population through approvals in earlier lines and Japan & China that will bolster additional growth.
  • The analyst also notes upcoming data readouts from earlier-line therapies that can drive short-term upside.
  • Price Action: LEGN shares are up 6.84% at $45.90 during the market session on the last check Friday.
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