- On Monday, Legend Biotech Corporation (NASDAQ: LEGN) announced that cilta-cel had reduced the risk of disease progression or death by 74% in comparison to standard care regimens in pre-treated adults with multiple myeloma according to the results from the Phase 3 CARTITUDE-4 study.
- Patients with a prior line of therapy had a 65% reduction in the chance of disease progression or death.
- 85% of patients in the cilta-cel arm demonstrated an overall response rate (ORR), 73% had achieved a complete response (CR), and the rate of overall minimal residual disease (MRD) negativity had reached 61%.
- Analyst Reviews on Legend Biotech: Doubts On Commercial Execution, Long-Term Market Share.
- HC Wainwright, an analyst, reaffirmed a Buy rating and raised the price target from $77 to $82.
- The analyst adds that industry opinion leaders at the Legend ASCO analyst event appeared enthusiastic about the findings and believe more physicians may choose to use CAR-T in the 2L+ setting, with the anticipation of significant revenue beginning in 2024.
- The analyst reports that the launch of Carvykti for 2L MM is projected to occur by YE23, with opinion leaders seeing a smaller supply bottleneck at myeloma centers.
- The company could make substantial headway in overcoming supply restrictions in the next several quarters, leading to faster entry into the market as per the analyst.
- Price Action: LEGN shares were up 6.51% at $69.58 on the last check Tuesday.
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