Legend Biotech's Breakthrough in Multiple Myeloma Study Prompts Positive Analyst Forecast

Monday, Legend Biotech Corporation LEGN announced that results from the Phase 3 CARTITUDE-4 study showed that cilta-cel reduced the risk of disease progression or death by 74% compared to standard of care regimens in pretreated adult patients with multiple myeloma.
In patients with one prior line of therapy, there was a 65% reduction in the risk of disease progression or death.
Among the secondary endpoints, the overall response rate (ORR) was 85%, 73% achieved a complete response (CR) or better, and the rate of overall minimal residual disease (MRD) negativity reached 61 percent in the cilta-cel arm.
Related: Analyst's Verdict on Legend Biotech: Doubts On Commercial Execution, Long-Term Market Share.
HC Wainwright analyst reiterated the Buy rating and increased the price target from $77 to $82.
The analyst says that KOLs at the Legend ASCO analyst event seemed optimistic about the data, and it is paradigm-shifting and believe more physicians may shift CAR-T usage into the 2L+ setting, with our expectations for significant revenue uptake in 2L to begin in 2024.
The analyst notes that the Carvykti launch in 2L MM is expected by YE23, with KOLs seeing less supply bottleneck at myeloma centers.
The company may achieve significant alleviation of supply constraints in the coming quarters, and accelerated market penetration is expected, the analyst writes.
Price Action: LEGN shares are up 6.51% at $69.58 on the last check Tuesday.

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