Should I Buy LEGN? LEGN 2026 Analysis

Should You Buy Legend Biotech Corp (LEGN) Today? Analysis, Price Targets, and 2026 Outlook.

Conclusion

Hold

Latest Price

17.500

1 Day change

-1.24%

52 Week Range

45.300

Analysis Updated At

2026/01/30

LEGN is not a good buy right now for an impatient investor. Despite being deeply oversold (RSI~19) and sitting near support (~18), the prevailing trend is still decisively bearish (bearish MAs, worsening MACD), options flow is strongly put-heavy, and near-term pattern-based odds tilt to further downside over the next week/month. This sets up more like a “wait for stabilization/reversal” situation than an immediate buy.

Technical Analysis

Trend is bearish and still deteriorating. Moving averages are stacked bearishly (SMA_200 > SMA_20 > SMA_5), implying sustained downtrend rather than a simple pullback. MACD histogram is negative (-0.336) and expanding lower, signaling downside momentum is increasing. RSI_6 at ~19 is extremely oversold, which can trigger short bounces, but oversold alone is not a durable buy signal when MACD and MA structure remain bearish. Key levels: near-term support S1=18.052 is being tested (price ~17.81), with next support S2=16.562; a break below ~18 increases probability of a move toward mid-16s. Overhead resistance/pivot: Pivot=20.464, then R1=22.877. The provided analog-pattern outlook also leans slightly negative (next week/month expected drift lower).

Options Data

Bearish

Open Interest Put-Call Ratio

Bearish

Option Volume Put-Call Ratio

Options positioning and flow read bearish/defensive. Open interest put/call of 1.29 suggests more puts outstanding than calls (net hedging or bearish positioning). Even more notable: option volume put/call of 6.65 indicates today’s trading skewed heavily toward puts, which is typically bearish near-term. Implied volatility is elevated (30D IV ~58.6% vs historical vol ~27.7%), implying the market is pricing larger moves and/or uncertainty. IV percentile ~44.8 and IV rank ~12.5 suggest IV is not at extremes versus its own history, but the put-heavy volume tilt is the bigger sentiment tell. Net: options sentiment is not supporting an immediate dip-buy.

Technical Summary

Sell

Buy

Positive Catalysts

Oversold technical condition (RSI ~
can produce a reflex bounce, especially near S1/S2 support zones.
Street upside still exists from bullish firms: Oppenheimer initiated Outperform with $75 PT (2026-01-07); multiple Buy/Overweight ratings remain despite cuts.
Carvykti remains a leading CAR-T commercial asset; some analysts argue recent pullback is a “rare buying opportunity” (H.C. Wainwright).

Neutral/Negative Catalysts

Clear downtrend with worsening momentum (bearish MA stack + negatively expanding MACD) increases risk that “oversold” becomes “more oversold.”
Options tape is strongly put-dominant (volume put/call 6.65), signaling bearish/hedging sentiment near-term.
Competitive/toxicity and uptake concerns highlighted in the TD Cowen downgrade (Hold, PT slashed to $
reinforce demand uncertainty.
No supportive near-term news flow in the last week to act as an immediate catalyst for reversal.
Pattern-based probability provided suggests continued mild downside over week/month.

Financial Performance

Latest provided quarter is 2025/Q3. Revenue grew strongly to $272.33M (+69.99% YoY), showing top-line momentum. However, profitability metrics weakened: net income was -$39.69M (deteriorated YoY per the snapshot), EPS was -$0.11 (worse YoY), and gross margin fell to 57.66% (down 11.81% YoY). Net: growth is strong, but margin/profitability trend in the snapshot is not improving yet, which can keep pressure on the stock during a sentiment-driven selloff.

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

Recent analyst trend is mixed but tilted negative in the near term due to sharp price-target resets. TD Cowen downgraded to Hold and cut PT dramatically to $21 from $62 (2026-01-21) citing sluggish demand/toxicity/competition concerns. H.C. Wainwright kept Buy but reduced PT to $50 from $60 (2026-01-22) after a Q4 Carvykti sales miss vs consensus, framing the pullback as a buying opportunity. Other firms remain constructive (e.g., Oppenheimer Outperform $75; multiple Buy/Overweight ratings), but the overall direction of price targets has been downward, reflecting de-risking and heightened concern about demand durability and competition. Wall Street pros: Bulls emphasize Carvykti differentiation, scaling, and undervaluation near lows; bears focus on uptake slowing, toxicity concerns, and intensifying competitive narrative.

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 68.1 USD with a low forecast of 48 USD and a high forecast of 90 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

Averages

68.1

High

Current: 17.720

Low

Averages

68.1

High

H.C. Wainwright

Buy

downgrade

$60 -> $50

AI Analysis

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

Hold

downgrade

$62 -> $21

2026-01-21

Reason

TD Cowen

Price Target

$62 -> $21

2026-01-21

downgrade

Buy

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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LEGN Should I Buy

LEGN Should I Buy

Should You Buy Legend Biotech Corp (LEGN) Today? Analysis, Price Targets, and 2026 Outlook.

Technical Analysis

Options Data

Technical Summary

Positive Catalysts

Neutral/Negative Catalysts

Financial Performance

Growth

Profitability

Efficiency

Analyst Ratings and Price Target Trends

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