Legend Biotech (LEGN) is pointing its drug candidate, Carvykti, in multiple myeloma toward use in earlier setting at its investor event, RBC Capital Markets said in a Monday note.

"We agree that Carvykti is a very attractive therapy, with a compelling near-cure narrative, and both the clinical data and biology support a rationale for success in earlier lines," it said.

While safety and competition will remain overhangs, a better understanding of movement disorder causes can continue to

improve the therapeutic window, the note said, adding that the large myeloma market will be sufficient to sustain growth.

"While shares have been rebounding on in-vivo excitement, we also remain enthusiastic on the core business," the report said.

RBC kept its outperform rating and $64 price target.

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