While biotech stocks saw a dip earlier this year due to market uncertainties, the sector is once again regaining popularity as investors seek out growth opportunities. With renewed optimism in the market, there is no better time to explore the potential of investing in biotech.
Despite being a relatively new industry, biotech has rapidly evolved into one of the most innovative and important sectors in healthcare. Stocks from the group have been known to produce 5x, 10x, or even 20x gains in a very short period. No doubt about it: it’s an exciting time to invest in biotech, and today we’re featuring a standout from the group offering a compelling narrative for investors.
Legend Biotech (LEGN)
Legend Biotech is all about bringing cutting-edge cell therapy to the table with their unique expertise. What really turns heads is their focus on chimeric antigen-receptor CAR T-cells, a potent platform that holds incredible promise for oncology research and therapeutics.
Now, let’s talk numbers because they speak volumes. According to the insights from Precedence Research, the global CAR T-cell therapy market hit a whopping $3.82 billion valuation last year. Brace yourselves for this – experts are projecting a jaw-dropping compound annual growth rate (CAGR) of 29.8% from 2023 to 2032. By the end of this forecasted period, we’re looking at a sector worth a colossal $88.52 billion. And that, my friends, is a hefty reason to put LEGN on your biotech stock radar.
But there is more! The pros on Wall Street are singing a unified chorus – LEGN is a consensus strong buy. This assessment breaks down into nine buys, one hold, and zero sells. In addition, the experts’ average price target is $89.22, implying a thrilling 24% potential upside.