Legend Biotech: Why I'm Ready To Go Long Again

On July 15, J&J, a Legend Biotech Corporation partner, announced continued strong demand for Carvykti. Sales of this CAR-T cell therapy were $657 million in the second quarter, up 10.1% quarter-on-quarter and 49.7% year-on-year. Legend hasn't yet announced when it will publish its second-quarter report, but given Carvykti's sales, I expect it to beat consensus estimates. Moreover, LB2501, a CD19/CD20 CAR T-cell therapy, has shown promising results in the Phase 1 trial in the treatment of relapsed or refractory B-cell non-Hodgkin lymphoma. In this article, I explain why I continue to cover Legend Biotech with a Strong Buy rating.

Legend Biotech Corporation (LEGN) shares rose as much as 55.8% to $37.2. But over the past 5 weeks, they've returned to the -1σ band.