Legend Biotech shares gain on multiple-myeloma drug sales
Shares of Legend Biotech Corp. (LEGN) gained 3.7% premarket on Thursday after the company said its multiple myeloma therapy Carvykti, a collaboration with Johnson & Johnson (JNJ), generated $117 million in sales in the second quarter. That represents a roughly 65% increase over the previous quarter, BMO Capital Markets analysts wrote in a research note Thursday, suggesting that the U.S. Food and Drug Administration has increased Carvykti's manufacturing cap. The latest quarterly sales "significantly increase our conviction" that Legend and J&J can ramp up Carvykti manufacturing in a relatively short time period and "reaffirms Carvykti's leading position" in this type of CART-T cell therapy, the analysts wrote, reiterating their outperform rating on Legend stock.
-Eleanor Laise
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07-20-23 0823ET
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