Legend Biotech Shares Surge 18% Following Eli Lilly's Acquisition of Kelonia

Written by Emily J. Thompson, Senior Investment Analyst

Source: stocktwits

Updated: 15 hours ago

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LEGN+18.42%

LLY-0.77%

Should l Buy LEGN?

Source: stocktwits

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.

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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.

Legend Biotech Shares Surge 18% Following Analyst Upgrades

13 hours agoNASDAQ.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.