Legend Biotech (LEGN) Stock

SOMERSET, N.J., Dec. 09, 2024 (GLOBE NEWSWIRE) -- Legend Biotech Corporation (NASDAQ: LEGN), a leader in cell therapy, has announced new findings from the Phase 3 CARTITUDE-4 study. The results show that a single dose of CARVYKTI® (ciltacabtagene autoleucel; cilta-cel) led to significantly higher rates of minimal residual disease (MRD)-negativity in patients with relapsed or lenalidomide-refractory multiple myeloma, compared to standard treatments. These findings highlight the potential of CARVYKTI® to improve survival outcomes and were presented at the 66th American Society of Hematology Annual Meeting in San Diego, California.

Legend Biotech's Carvykti, a CAR-T treatment, has experienced impressive sales growth since its introduction in 2022. The company currently holds around $1.2 billion in cash and is expected to see a significant decrease in losses as revenues increase. Analysts are very positive about Legend, with nine firms giving Buy ratings and setting price targets ranging from $73 to $94 per share since the Q3 results were announced.

Legend Biotech Corporation (NASDAQ:LEGN) will hold its Q3 2024 Earnings Conference Call on November 12, 2024, at 8:00 AM ET. The call will feature key company participants, including Jessie Yeung, Ying Huang, Lori Macomber, Mythili Koneru, and Steve Gavel. Several analysts from different financial institutions will also be joining the call.

While the revenue and earnings per share (EPS) for Legend Biotech (LEGN) provide insight into its performance for the quarter ending September 2024, it could be helpful to look at how these important figures stack up against Wall Street predictions and last year's results.

Legend Biotech (LEGN) has recently created a hammer chart pattern after a decline in value, suggesting that the stock has reached a support level. Additionally, the positive changes in earnings estimates may signal a potential reversal in the stock's trend soon.

Recent data will demonstrate a notable rise in long-lasting minimal residual disease (MRD) negativity rates, highlighting CARVYKTI's ability to improve results for patients with refractory multiple myeloma.

A new role has been established to drive ongoing growth and sales initiatives. This position will focus on leading efforts to enhance business development. The aim is to support and boost sales performance.

Analysts' average price targets for Legend Biotech (LEGN) suggest that the stock could increase by 90.8%. Although this popular measure hasn't always been very reliable, a strong consensus among analysts in increasing earnings forecasts does suggest potential growth for the stock.

The new 31,000 square-foot facility will improve Legend's top cell therapy offerings and boost its research and development abilities as a worldwide leader in cell therapy. This expansion will help Legend strengthen its position in the industry. Overall, it represents a significant step forward for the company.