Legend Biotech Shares Surge 18% Following Analyst Upgrades

Written by Emily J. Thompson, Senior Investment Analyst

Source: NASDAQ.COM

Updated: 13 hours ago

0mins

LEGN+18.42%

LLY-0.77%

Should l Buy LEGN?

Source: NASDAQ.COM

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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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: 21.170

Low

48.00

Averages

68.10

High

90.00

Current: 21.170

Low

48.00

Averages

68.10

High

90.00

RBC Capital

Outperform

maintain

$66 -> $62

2026-03-11

Reason

RBC Capital

Price Target

$66 -> $62

AI Analysis

2026-03-11

maintain

Outperform

Reason

RBC Capital lowered the firm's price target on Legend Biotech to $62 from $66 and keeps an Outperform rating on the shares after its Q4 results. The firm sees a significant disconnect between the share price and the fundamentals of the business, the analyst tells investors in a research note. The management's execution on many aspects of the Carvykti opportunity has been strong, with impressive Overall Survival data, improving real-world safety, expanding manufacturing, and consistent double digit revenue growth, the firm adds.

Morgan Stanley

Overweight

maintain

$50 -> $49

2026-03-11

Reason

Morgan Stanley

Price Target

$50 -> $49

2026-03-11

maintain

Overweight

Reason

Morgan Stanley lowered the firm's price target on Legend Biotech to $49 from $50 and keeps an Overweight rating on the shares. The firm, which updated estimates following the company's Q4 report, awaits additional data from the CARTITUDE-5 study and the earlier-stage in vivo pipeline this year.

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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.

Legend Biotech Surges 18% on Bullish Analyst Updates

13 hours agoFool

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.