LEGN - Positive Outlook On Johnson & Johnson's Partner Legend Biotech: Analyst Confident On Blood Cancer Drug | Benzinga
Legend Biotech Corporation's (NASDAQ: LEGN) partner, Johnson & Johnson (NYSE: JNJ), reported Q3 Carvykti revenues of $152 million, up 30% sequentially.
Accordingly, HC Wainwright is upwardly revising near-term revenue estimates to reflect the faster-than-expected uptake of Carvykti, with updated FY23 projections for Carvykti revenue (to be reported by Legend) at $262 million vs. the prior $248 million.
The analyst reiterates the Buy rating, modestly modifying the price target to $86 from $85 per share, and expects strong Carvykti growth in 4Q23 and beyond.
HC Wainwright notes ...