Legend Biotech's Cancer Drug, 'The Most Attractive Product,' Set For Growth: Analyst
Portfolio Pulse from Priya Nigam
Legend Biotech's Carvykti drug is expected to see significant growth, according to Truist Securities. Analyst Asthika Goonewardene initiated coverage with a Buy rating and an $88 price target. Carvykti, developed in collaboration with Johnson & Johnson, is projected to generate over 96% year-on-year sales growth.
June 17, 2024 | 4:15 pm
News sentiment analysis
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POSITIVE IMPACT
Johnson & Johnson's collaboration with Legend Biotech on Carvykti, a promising multiple myeloma treatment, is expected to contribute significantly to the drug's projected sales growth.
While the primary focus is on Legend Biotech, Johnson & Johnson's involvement in the successful Carvykti drug could positively impact its stock as well.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 50
POSITIVE IMPACT
Legend Biotech's Carvykti drug is expected to see significant growth, with a Buy rating and $88 price target from Truist Securities. The drug could generate over 96% year-on-year sales growth.
The positive analyst rating and high sales growth projection for Carvykti are likely to boost investor sentiment and drive the stock price up in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100