Zinger Key Points
- Legend Biotech has no tariff exposure and manufactures Carvykti entirely in the U.S. for both U.S. and EU markets.
- HC Wainwright maintains a $75 target, citing Carvykti’s strong efficacy and positioning in earlier lines of multiple myeloma treatment.
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With U.S. President Donald Trump’s tariffs, HC Wainwright analyst writes that investors are looking for companies with macroeconomic moats that protect against tariff exposure and regulatory uncertainty.
Legend Biotech Corporation LEGN has no material exposure to tariffs, the analyst stated.
The cell therapy company’s lead product, Carvykti, is a one-time treatment for relapsed or refractory multiple myeloma, which it develops and markets with collaborator Johnson & Johnson JNJ.
Analyst Mitchell Kapoor notes that Legend manufactures in the U.S. for 100% of the commercial Carvykti patients in the U.S. and Europe.
In the first quarter of 2025, the company initiated commercial production of Carvykti at a Novartis AG NVS production facility under the master manufacturing and supply agreement among Legend, Janssen, and Novartis.
Analyst Kapoor adds that Legend does not have to import materials for CAR-T manufacturing and thus has no material exposure to tariffs or transfer pricing.
“Legend has no tariff exposure, creating an attractive opportunity to own shares in unpredictable macroeconomic times,” HC Wainwright highlights. The analyst reiterates the Buy rating, with a price target of $75.
While Legend Biotech has several drugs in development, analyst Kapoor writes the biggest factor driving its stock is how well Carvykti performs as an earlier treatment for multiple myeloma.
The analyst is confident that Carvykti will be widely adopted in earlier lines of treatment, as the data show it’s among the best available options. “Thus, we see LEGN as considerably insulated from the regulatory risks plaguing the biotech space, and we view this as a compelling time to own the stock,” says HC Wainwright analyst.
Carvykti remains very favorably positioned compared to competitors, citing robust efficacy (particularly durability) data in the fourth- and second-line treatments, leaving little room for improvement.
HC Wainwright writes that the drug is far ahead of competitors, as it is already approved for second-line Relapsed/refractory multiple myeloma (RRMM). New therapies usually start by getting approved for use in patients who have already tried other treatments. Over time, they can receive additional approvals to be used earlier in the treatment process.
Price Action: LEGN stock is up 1.86% at $30.81 at the last check Tuesday.
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