FDA Guidance on MRD Negativity Bodes Well for Legend Biotech (LEGN)

Legend Biotech (NASDAQ:LEGN) is one of the 17 biotechnology stocks with more than 50% upside.

On January 20, Leonid Timashev of RBC Capital maintained an Outperform rating on Legend Biotech (NASDAQ:LEGN) and set a $66 price target. The analyst shed light on the FDA’s draft guidance that supports the use of Minimal Residual Disease (MRD) negativity and complete response rate to expedite approval endpoints in multiple myeloma. This appears favorable for Legend Biotech (LEGN), as it supports the company’s trial design and enhances near-term visibility for the CARTITUDE-6 study in the initial treatment setting.

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On January 20, Raymond James also reaffirmed its Outperform rating on Legend Biotech (NASDAQ:LEGN) with an $86 price target. The firm also attributed its bullish stance to the FDA’s proposed guidance that backs the use of Minimal Residual Disease (MRD) and complete response rate for accelerated approvals in multiple myeloma. Moreover, the firm believes such endpoints are valuable in less aggressive forms of the disease, where survival outcomes often require at least 4 to 5 years to show meaningful changes.

Legend Biotech (NASDAQ:LEGN) is a commercial-stage biopharmaceutical company that develops innovative therapies. Being an end-to-end cell therapy company, they focus on medication for serious diseases such as hematologic malignancies and solid tumors.

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Disclosure: None. This article is originally published at Insider Monkey.