Legend Biotech's Stock Weakness After Rival Treatment Update 'Overdone,' RBC Says

MT Newswires Live12-11 01:03

Legend Biotech's (LEGN) share price weakness after the release of data from a phase 3 trial of a rival treatment for relapsed or refractory multiple myeloma is "overdone" as Legend's Carvykti can still be the preferred option, RBC Capital Markets said in a note emailed Wednesday.

Johnson & Johnson's (JNJ) teclistamab plus daratumumab therapy showed "promising" efficacy, the investment firm said.

But Legend's Carvykti is still potentially the "highest efficacy option, with one-and-done convenience, continued growth and penetration into early lines and the community setting," according to the note.

The investment firm said it would be a buyer on Legend's weakness, and it expects near-term profitability for the company and further growth next year.

RBC has an outperform rating on Legend stock and $74 price target.

Price: 23.47, Change: -0.41, Percent Change: -1.73

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