Legend Biotech's (LEGN) current valuations provide "a buying opportunity," according to analysts at RBC Capital Markets, who said in a note to clients Thursday that the biopharmaceutical company has resolved concerns about its accounting standards and SEC compliance.
The analysts also said Legend's Carvykti is a "best-in-class option" to treat multiple myeloma. "We believe this will continue to drive both patient and physician demand," the analysts wrote. "We see the strength of the data likely supporting successful expansion into earlier lines."
The analysts also said they believe Carvykti has a lot of upside, noting that one-third of doctors haven't heard of the drug.
RBC has an outperform rating on the stock with a $78 price target.
Shares of Legend Biotech were down 1.9% in recent premarket activity.
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