LEGN.US

The latest: Cell therapy company Legend Biotech Corp. (LEGN.US) recorded net sales of $117 million in the second quarter for its Carvykti cancer drug, up 65% from the previous quarter, according to one of its partners that is helping to commercialize the drug.

Looking up: Morgan Stanley maintained an “overweight” rating on Legend Biotech and raised its target price from $65 to $85, or 11.8% higher than Thursday’s closing price.

Take Note: The sales figure is based on information provided from Janssen, which is helping to commercialize Carvykti, and Legend Biotech has not independently verified the figure’s accuracy.

Digging Deeper: Carvykti is a CAR-T cell therapy product developed, manufactured and being commercialized globally by Legend Biotech in collaboration with Janssen Biotech, a subsidiary of Johnson & Johnson (JNJ.US) following its launch in 2017. Despite spending heavily on R&D in recent years, weighing on its parent company Genscript Biotech (1548.HK), Legend’s revenues have been on the rise following Carvykti’s approval for sale in the U.S. by the Food and Drug Administration (FDA). Sales of the therapy surpassed the $100 million mark for the first time in the second quarter.

Market Reaction: Legend Biotech’s shares surged 7.9% to $76.01 in New York on Thursday, a new 52-week high.

Translation by A. Au

Have a great investment idea but don’t know how to spread the word? We can help! Contact us for more details.

To subscribe to Bamboo Works weekly free newsletter, click here

Recent Articles

SICC makes substraits

Sinking SICC looks for lift from Hong Kong IPO

The maker of silicon carbide substrates has been cleared by China’s securities regulator to list in Hong Kong, even as its revenue began to contract in the first quarter Key…
A comeback listing three years after exiting the Hong Kong stock market, what is it about?

Checking out or checking in? Jin Jiang can’t decide

Three years after privatizing its Hong Kong-listed shares, storied hotelier Jin Jiang has rolled out plans to re-list on the city’s stock exchange Key Takeaways: Jin Jiang has applied to…
Melco International will close operations of Grand Dragon Casino.

‘Satellite casino’ era winds down in transforming Macao

The phasing out of smaller casinos operated by licensed gaming firms in non-gaming properties could help to boost gaming company margins Key Takeaways: All 11 of Macao’s “satellite casinos” will…