from typing import List
import re


def parse_wanted_labels(text: str) -> List[str]:
    """Extract the labels defined by :label:`LABEL` tokens in a string.

    Args:
        text: Typically an issue body with label markup.
    Returns:
        A list of extracted labels.
    """
    label_pattern = ":label:`(.*?)`"
    return re.findall(label_pattern, text, re.MULTILINE)