Legend Biotech (LEGN) a small-cap biotech that has pulled back about 35% from 52-week highs to re-test a big volume node and breakout level from May 2021. LEGN has little notable open interest but saw a buyer on 3/30 for 300 January $40 at-the-money calls for $13.30 to open. The $5.2B company focuses on novel cell therapies for oncology with their lead candidate, LCAR- B38M, a chimeric antigen receptor for the treatment of multiple myeloma (MM). LEGN also has pipeline projects in non-hodgkins lymphoma (NHL), acute myeloid leukemia, and T cell lymphoma. The company has $875M in cash on hand. LEGN had CARVYKTI approved by the FDA in late February for the treatment of relapsed or refractory multiple myeloma. LEGN has shown strong data with their cell therapies and with their global collaboration with Janssen can create a global platform across a number of indications.  LEGN has received $250M in milestones to date but has $800M in future potential with the partnership. Barclays starting coverage on 3/15 at Overweight and a $53 PT. The firm thinks Carvykti’s clinical profile for multiple myeloma is best-in-class, setting a very high bar for any followers. The analyst expects the drug to have a strong demand and a successful launch while the earlier stage pipeline could provide long-term upside.