Legend Biotech Downgraded Amid Market Optimism for FDA Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Jan 10 2025
0mins
Should l Buy LEGN?
Legend Biotech Corp's stock fell 6.53% and hit a 52-week low, closing at $20.76.
The downgrade from TD Cowen analyst Yaron Werber to Hold, with a reduced price target of $21, reflects concerns about the company's market performance despite recent positive FDA guidance that could benefit its therapies. The FDA's draft guidance allows for new endpoints in multiple myeloma treatments, which analysts believe could enhance Legend Biotech's prospects, especially with its partnership with Johnson & Johnson on the Carvykti cell therapy.
This downgrade comes in a context where the broader market is showing strength, with the Nasdaq-100 and S&P 500 both up, indicating a potential sector rotation affecting Legend Biotech's stock performance.
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Analyst Views on LEGN
Wall Street analysts forecast LEGN stock price to rise
11 Analyst Rating
10 Buy
1 Hold
0 Sell
Strong Buy
Current: 25.070
Low
48.00
Averages
68.10
High
90.00
Current: 25.070
Low
48.00
Averages
68.10
High
90.00
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.
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- Analyst Recommendations: Analysts from H.C. Wainwright and RBC Capital reiterated their buy ratings on Legend Biotech, propelling the stock to an 18% gain on Monday, sharply contrasting with the S&P 500's 0.2% decline.
- Price Target Increases: RBC's Leonid Timashev set a price target of $62 per share, while H.C. Wainwright's Mitchell Kapoor set a target of $50, reflecting optimistic market expectations for Legend's future performance.
- Industry Dynamics Impact: Eli Lilly's announcement of a potential $7 billion acquisition of clinical-stage oncology developer Kelonia Therapeutics sparked interest in Legend's future potential, particularly regarding its CAR-T cell therapy applications.
- R&D Progress: Kapoor noted that data from Legend's early-stage CD19/CD20 trial is expected to be published soon, and if successful, it could significantly enhance treatment options for certain cancers, further solidifying its position in the biotech sector.
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- Analyst Optimism: Analysts from H.C. Wainwright and RBC Capital reiterated buy ratings for Legend Biotech, propelling the stock to an 18% gain on Monday, sharply contrasting with the S&P 500's 0.2% decline.
- Price Target Increases: Timashev set a price target of $62 per share while Kapoor set $50, reflecting strong analyst confidence in Legend's future performance, potentially attracting more investor interest.
- Positive Market Reaction: The announcement of Eli Lilly's acquisition of clinical-stage oncology developer Kelonia Therapeutics for up to $7 billion sparked excitement about Legend's future, particularly given its innovative CAR-T therapy science.
- Pipeline Progress: Kapoor noted that data from Legend's early-stage CD19/CD20 in vivo trial is expected to be published soon, and if successful, it could hold significant promise for treating certain cancers, further solidifying Legend's position in the biotech sector.
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- Acquisition Details: Eli Lilly's agreement with Kelonia is valued at up to $7 billion, including an upfront payment of $3.25 billion and milestone payments, with the transaction expected to close in the second half of 2026, further advancing CAR-T cell therapy development.
- Carvykti Sales Performance: Legend's CAR-T treatment Carvykti achieved profitability in 2025 with net sales of $1.9 billion and over 10,000 patients treated, demonstrating strong market demand and significant growth potential.
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- Analyst Recommendations: Analysts from H.C. Wainwright and RBC Capital reiterated their buy ratings on Legend Biotech, propelling the stock to an 18% gain on Monday, sharply contrasting with the S&P 500's 0.2% decline.
- Price Target Increases: RBC's Leonid Timashev set a price target of $62 per share, while H.C. Wainwright's Mitchell Kapoor set a target of $50, reflecting optimistic market expectations for Legend's future performance.
- Industry Dynamics Impact: Eli Lilly's announcement of a potential $7 billion acquisition of clinical-stage oncology developer Kelonia Therapeutics sparked interest in Legend's future potential, particularly regarding its CAR-T cell therapy applications.
- R&D Progress: Kapoor noted that data from Legend's early-stage CD19/CD20 trial is expected to be published soon, and if successful, it could significantly enhance treatment options for certain cancers, further solidifying its position in the biotech sector.
See More
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- Analyst Optimism: Analysts from H.C. Wainwright and RBC Capital reiterated buy ratings for Legend Biotech, propelling the stock to an 18% gain on Monday, sharply contrasting with the S&P 500's 0.2% decline.
- Price Target Increases: Timashev set a price target of $62 per share while Kapoor set $50, reflecting strong analyst confidence in Legend's future performance, potentially attracting more investor interest.
- Positive Market Reaction: The announcement of Eli Lilly's acquisition of clinical-stage oncology developer Kelonia Therapeutics for up to $7 billion sparked excitement about Legend's future, particularly given its innovative CAR-T therapy science.
- Pipeline Progress: Kapoor noted that data from Legend's early-stage CD19/CD20 in vivo trial is expected to be published soon, and if successful, it could hold significant promise for treating certain cancers, further solidifying Legend's position in the biotech sector.
See More
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- Stock Surge: Legend Biotech (LEGN) shares rose 18% on Monday, marking its best day since April 2023, driven by Eli Lilly's acquisition of rival Kelonia Therapeutics, indicating strong market interest in CAR-T therapies.
- Acquisition Details: Eli Lilly's agreement with Kelonia is valued at up to $7 billion, including an upfront payment of $3.25 billion and milestone payments, with the transaction expected to close in the second half of 2026, further advancing CAR-T cell therapy development.
- Carvykti Sales Performance: Legend's CAR-T treatment Carvykti achieved profitability in 2025 with net sales of $1.9 billion and over 10,000 patients treated, demonstrating strong market demand and significant growth potential.
- Analyst Ratings Optimistic: RBC Capital reiterated an 'Outperform' rating with a $62 price target for Legend, projecting potential sales of $2.8 billion in 2026, reflecting analysts' confidence in the company's future growth trajectory.
See More
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- Stock Potential Unveiled: Legend Biotech Corp (LEGN) trades at $19.14, while analysts set a target price of $60.63, suggesting a remarkable 216.78% upside, highlighting the company's strong growth potential in the biotech sector.
- Structure Therapeutics Outlook: Structure Therapeutics Inc (GPCR) is priced at $53.48, with an analyst target of $109.00, indicating a potential increase of 103.81%, showcasing market expectations for its innovative drug development.
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