Legend Biotech Corporation (LEGN) is an Outperform on Multiple Myeloma Treatment CARVYKTI Prospects

Legend Biotech Corp (NASDAQ:LEGN) is one of the best biotech stocks to buy according to Wall Street analysts. On December 8, RBC Capital reiterated an Outperform rating on Legend Biotech Corp (NASDAQ:LEGN) and set a $74 price target.

Legend Biotech Corporation (LEGN) is an Outperform on Multiple Myeloma Treatment CARVYKTI Prospects

The positive stance echoes the superior efficacy data on the company’s multiple myeloma treatment CARVYKTI. Data presented at the ASH conference showed the candidate drug achieved more than 50 months of media progression-free survival in patients, setting a very high bar compared to peers. CARVYKTI is currently approved for adults with relapsed or refractory multiple myeloma, having treated over 9,000 patients globally.

The investment firm insists the stock’s current share price discounts the company’s ability to maintain market share backed by a robust pipeline. Consequently, RBC Capital expects the company to continue enjoying strong growth and near-term profitability. That’s in part because the company has demonstrated impressive revenue growth of 74.75% over the past 12 months.

Legend Biotech Corporation (NASDAQ:LEGN) is a global, clinical-stage biotechnology company that develops and commercializes advanced cell therapies, primarily for cancer, using technologies such as CAR-T cells, gamma-delta T cells, and NK cells to create treatments for life-threatening diseases, with notable success in multiple myeloma treatment via CARVYKTI in partnership with Johnson & Johnson.

While we acknowledge the potential of Legend Biotech Corp (NASDAQ:LEGN) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than LEGN and that has 100x upside potential, check out our report about the cheapest AI stock.

READ NEXT: 12 Best Consumer Goods Stocks Billionaires Are Quietly Buying and Goldman Sachs Penny Stocks: Top 12 Stock Picks.

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