Legend Biotech slips after brokerages cut PT

Shares of biopharmaceutical company Legend Biotech LEGN.O slip 5.6% to $29.33 after at least two brokerages cut PT following Q1 results

Truist cuts PT to $71 from $88; says co's multiple myeloma cancer drug Carvykti's U.S. growth was slower with manufacturing facility in partnership with Novartis AG NOVN.S needing time to ramp up

"(LEGN has) the most efficacious cell therapy approved, and while there is a strong competitor in the clinic, the market is big enough to support multiple new modalities" - Truist

RBC cuts PT to $78 from $84, retains "outperform" rating saying they see potential for supply to outstrip demand in 2026

Co reports Q1 revenue of $195.1 mln and adj EPS loss of 7 cents vs analysts' estimates of $193.6 mln and adj. loss of 23 cents per share - LSEG data

22 out of 24 analysts rate stock as buy, two hold; median PT is $78

Including session's move, LEGN down 9.7% YTD vs Nasdaq Biotechnology Index's .NBI decline of 7.9%