FAST NEWS: Legend Biotech shares jump on rising cancer drug sales

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

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