Legend Biotech Corp's stock has hit a 52-week low, declining by 15.20% in regular trading.
The recent FDA draft guidance allowing minimal residual disease and complete response as endpoints for accelerated approval in multiple myeloma treatments has generated optimism in the market. This is particularly beneficial for Legend Biotech, which is collaborating with Johnson & Johnson on the Carvykti cell therapy, incorporating MRD negativity as an endpoint in the CARTITUDE-6 trial. Analysts from Jefferies have maintained an Outperform rating on Legend Biotech, setting a target price of $66, indicating confidence in its future growth despite current price challenges.
The implications of the FDA guidance could enhance Legend Biotech's competitive position in the market, especially as it aligns with ongoing clinical trials and partnerships that may drive future stock performance.
Wall Street analysts forecast LEGN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LEGN is 68.10 USD with a low forecast of 48.00 USD and a high forecast of 90.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
Wall Street analysts forecast LEGN stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for LEGN is 68.10 USD with a low forecast of 48.00 USD and a high forecast of 90.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 17.720
Low
48.00
Averages
68.10
High
90.00
Current: 17.720
Low
48.00
Averages
68.10
High
90.00
H.C. Wainwright
Buy
downgrade
$60 -> $50
2026-01-22
Reason
H.C. Wainwright
Price Target
$60 -> $50
AI Analysis
2026-01-22
downgrade
Buy
Reason
H.C. Wainwright lowered the firm's price target on Legend Biotech to $50 from $60 and keeps a Buy rating on the shares. The firm says Carvytki generated $555M in net trade sales for Q4, falling short of the $582M consensus. The recent pullback in the shares "should be viewed as a rare buying opportunity," the analyst tells investors in a research note. H.C. Wainwright believes Carvytki's curative potential continues to differentiate from chronic treatments.
TD Cowen
Buy
to
Hold
downgrade
$62 -> $21
2026-01-21
Reason
TD Cowen
Price Target
$62 -> $21
2026-01-21
downgrade
Buy
to
Hold
Reason
TD Cowen downgraded Legend Biotech to Hold from Buy with a price target of $21, down from $62. The company's Q4 miss for Carvykti at $555M vs consensus $582M is due to holiday seasonality, but likely also a symptom of sluggish demand given toxicity concerns and encroaching competition, the analyst tells investors in a research note. These factors have detracted from uptake in the community, which is progressing slower than anticipated, and even in academic centers, the firm added.
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Oppenheimer
Oppenheimer
Outperform
initiated
$75
2026-01-07
Reason
Oppenheimer
Oppenheimer
Price Target
$75
2026-01-07
initiated
Outperform
Reason
Oppenheimer initiated coverage of Legend Biotech with an Outperform rating and $75 price target. The firm notes the company commercializes Carvykti, a multiple-myeloma CAR-T therapy whose sales surpass all CARTs across all indications and are expected to deliver Legend profitability in 2026. Despite Carvykti's notable growth, Oppenheimer believes Legend is the most undervalued company among 11 relevant peers and trading near its all-time low price, largely due to market concerns around potential competition from Anito-cel and Dara-Tec. Acknowledging Anito-cel/Dara-Tec competitiveness, the firm thinks market concerns are overdone, and Legend risk/reward is significantly skewed to the upside.
Cantor Fitzgerald
Overweight
maintain
$75 -> $74
2025-12-17
Reason
Cantor Fitzgerald
Price Target
$75 -> $74
2025-12-17
maintain
Overweight
Reason
Cantor Fitzgerald lowered the firm's price target on Legend Biotech to $74 from $75 and keeps an Overweight rating on the shares. Despite heightened discussion around competition at ASH, Legend Biotech's management highlighted Carvykti's differentiation through long-term data, a broad label, and demonstrated survival benefit, the analyst tells investors in a research note. Management also emphasized the company's ability to scale production to meet rising real-time demand in the multiple myeloma market.
About LEGN
Legend Biotech Corporation is a global biopharmaceutical company. The Company is engaged in the discovery, development, manufacturing and commercialization of cell therapies for oncology and other indications. Its lead product candidate, ciltacabtagene autoleucel (cilta-cel), referred to as LCAR- B38M, is an autologous chimeric antigen receptor (CAR-T) cell therapy that targets the B-cell maturation antigen (BCMA), which is a highly expressed protein in several hematologic malignancies, including multiple myeloma (MM). In addition to cilta-cel, the Company has a portfolio of earlier-stage autologous CAR-T product candidates targeting various cancers, including Non-Hodgkins Lymphoma, acute lymphoblastic leukemia, gastric cancer, esophageal cancer, pancreatic cancer, colorectal cancer, small cell lung cancer, and non-small cell lung cancer. It is also engaged in developing an allogeneic gamma delta CAR-T product candidate and an allogeneic CAR-NK product candidate targeting BCMA for MM.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
