12 Biotech Stocks with the Biggest Upside Potential

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2. Legend Biotech Corp. (NASDAQ:LEGN)

Analyst Upside: 161.86%

Number of Hedge Fund Holders: 31

Legend Biotech Corp. (NASDAQ:LEGN) is a clinical-stage company that develops, discovers, manufactures, and commercializes novel therapies for oncology and other indications. It develops advanced cell therapies across an elaborate range of technology platforms. The company operates in the US, China, and other geographical segments.

It experienced solid sales growth for CARVYKTI® in fiscal Q3 2024. CARVYKTI treats multiple myeloma and is the first and only cell therapy that is clinically shown to significantly increase the overall survival in multiple myeloma patients. The company also increased its commercial capacity for the drug, delivering it to patients across the globe. It accounted for net trade sales of around $286 million in fiscal Q3 2024, reflecting operational growth of 87.6% year-over-year and 53.2% quarter-over-quarter.

Due to the drug’s transformational nature, Legend Biotech Corp. (NASDAQ:LEGN) recently initiated commercial production at its facility in Belgium to fulfill the demand for CARVYKTI worldwide. It plans to expand its capacity further while simultaneously advancing its R&D programs as part of its long-term strategy to be a leader in cell therapy innovation.

TimesSquare Capital U.S. Focus Growth Strategy stated the following regarding Legend Biotech Corporation (NASDAQ:LEGN) in its first quarter 2024 investor letter:

“We began buying shares in Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology developer of cell therapies to treat blood cancers such as multiple myeloma and leukemia. The European Union approved the use of Legend’s Carvykti treatment of multiple myeloma and later the FDA followed suit. Some investors may have been concerned about possible delays as Legend ramps up production, and its price declined. Though with a long-standing agreement with Johnson & Johnson and a new partnership with Novartis, we see a long runway of growth ahead, so we initiated a position.”

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