On Thursday, H.C. Wainwright maintained a positive outlook on Legend Biotech Corp. (NASDAQ:LEGN), reaffirming a Buy rating and a $73.00 price target for the company’s shares. The endorsement follows Legend Biotech’s announcement of its plans to establish a new research and development (R&D) facility in Philadelphia, PA, which is expected to enhance its cell therapy portfolio.
The new R&D center, which is projected to span 31,000 square feet, is part of Legend’s strategic expansion to bolster its global R&D capabilities that currently include more than 350 employees worldwide. The facility is anticipated to be operational by the third quarter of 2025. Approximately 55 of Legend’s staff, out of more than 1,200 employees, are expected to be stationed at the Philadelphia location.
This development is an extension of Legend’s current R&D presence in the United States, which includes an existing site in Piscataway, NJ. The expansion is not only aimed at strengthening the company’s research efforts but also at freeing up commercial manufacturing slots. This is particularly significant for increasing the long-term manufacturing capacity of CARVYKTI, Legend’s cell therapy product which has faced supply constraints.
The firm underscored the importance of enhancing CARVYKTI’s commercial supply, especially after the therapy’s recent approval for second-line (2L) treatment earlier this year. The approval is likely to drive increased demand for the product, making the expansion of manufacturing capabilities a critical move for Legend Biotech.
In light of the recent developments, H.C. Wainwright reiterated its confidence in Legend Biotech’s stock performance, upholding the 12-month price target of $73 per share. The company’s strategic initiatives appear to be aligned with its growth trajectory and efforts to meet the rising demand for its innovative therapies.
In other recent news, Legend Biotech has been in the spotlight due to compelling data on Carvykti and robust revenue results. The company’s cancer treatment, Carvykti, has shown promising results in recent clinical trials, reducing the risk of death by 45% in patients with relapsed or refractory multiple myeloma. Scotiabank, BMO Capital, Piper Sandler, and H.C. Wainwright have all maintained positive ratings on Legend Biotech, citing the strong potential for Carvykti’s sales growth.
Legend Biotech’s recent revenues of $186 million, primarily driven by Carvykti, exceeded estimates. Analysts from Piper Sandler…
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