12 NASDAQ Stocks with Biggest Upside Potential According to Analysts

6. Legend Biotech Corp. (NASDAQ:LEGN)

Average Upside Potential as of November 21: 106.32%

Legend Biotech Corp. (NASDAQ:LEGN) is a clinical-stage biopharmaceutical company focused on developing innovative cell therapies, particularly chimeric antigen receptor T-cell (CAR-T) oncology therapies, a type of immunotherapy that harnesses the body’s own immune system to fight cancer. The lead candidate that falls under this therapy is the company’s lead product candidate, LCAR-B38M, also more commonly known as CARVYKTI (ciltacabtagene autoleucel), which targets multiple myeloma, a type of blood cancer that affects plasma cells in the bone marrow and is in advanced clinical trials.

Its strong third-quarter 2024 results were driven by the impressive growth of CARVYKTI. Net trade sales of CARVYKTI reached approximately $286 million, representing an 87.6% year-over-year and 53.2% quarter-over-quarter increase. CARVYKTI demonstrated a 45% reduction in the risk of death compared to standard therapies in multiple myeloma patients. The company received approval for CARVYKTI production in Belgium, expanding its manufacturing capacity in Europe. It has also expanded outpatient treatment options, with outpatient administration now comprising up to 48% of CARVYKTI’s volume.

However, Legend Biotech Corp. (NASDAQ:LEGN) reported a net loss of $0.68 per share for the quarter, primarily due to unrealized foreign exchange losses and increased selling and distribution expenses. The overall Q3 2024 revenue was still up 66.86% year-over-year. With the impressive growth of CARVYKTI, the company is well-positioned to capitalize on the growing demand for this innovative therapy.

TimesSquare Capital Management U.S. Focus Growth Strategy stated the following regarding Legend Biotech Corporation (NASDAQ:LEGN) in its Q2 2024 investor letter:

“Pulling back by -27% was Legend Biotech Corporation (NASDAQ:LEGN), a biotechnology developer of cell therapies to treat blood cancers such as multiple myeloma and leukemia. Recently both the European Union and the FDA approved the use of Legend’s Carvykti treatment of multiple myeloma. Some investors may have been concerned about possible supply delays as Legend ramps up production. Though with a long-standing agreement with Johnson & Johnson and a new partnership with Novartis for increasing production capacity, we see a long runway of growth ahead. Later in the quarter, there were concerns surrounding potential negative impacts from Congress’s draft BIOSECURE Act, which would bar certain Chinese-controlled biotechnology companies from U.S. government contracts. Our initial view is that Legend may not fall under the scope of the Act, though in our discussions with Legend’s management they seem ready to take steps to avoid possible negative outcomes from the Act. However, with that potential risk we removed the position from our concentrated strategy.”