Legend Biotech Downgraded Amid Market Optimism for FDA Guidance
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 22 Jan 26
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 The FDA's draft guidance allows for new endpoints in multiple myeloma treatments, which analysts believe could enhance Legend Biotech's prospects, especially with its partnership with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.
Analyst Views on LEGN
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
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
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.
