Legend Biotech

LEGN · NASDAQ

$19.01+$0.36 (+1.93%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $18.65

LEGN analyst rating

BuyConsensus of 10 analysts over the last 12 months. 60% rate it a buy.

Strong buy0
Buy6
Hold4
Underperform0
Sell0

12-month price target · 19 analysts

Average $51.13 (+169.0% upside)

Low: $24.24
Now: $19.01
High: $77.70

Upgrades and downgrades

The latest rating actions, newest first

LEGN analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Barclays	Oct 13, 2026	Maintains	Overweight	$74.00 → $68.00	46%
JP Morgan	Oct 9, 2026	Maintains	Neutral	$35.00 → $33.00	57%
RBC Capital	Oct 8, 2026	Maintains	Outperform	$58.00 → $56.00	49%
HC Wainwright & Co.	Sep 30, 2026	Maintains	Buy	$65.00	32%
Barclays	Sep 11, 2026	Maintains	Overweight	$78.00 → $74.00	46%
HC Wainwright & Co.	Sep 4, 2026	Maintains	Buy	$65.00	32%
Morgan Stanley	Aug 12, 2026	Maintains	Overweight	$48.00 → $49.00	51%
TD Cowen	Aug 12, 2026	Maintains	Hold	$29.00 → $24.00	49%
Oppenheimer	Aug 12, 2026	Downgrade	Outperform → Perform	$75.00 → $40.00	82%
RBC Capital	Aug 12, 2026	Maintains	Outperform	$59.00 → $58.00	49%

The case for and against

Updated Oct 21, 2026

Bull case

Legend Biotech is supported by CARVYKTI’s strong commercial momentum, with Q2 global sales of $657M, collaboration profits of $326M, and U.S. demand increasingly driven by earlier-line use, where 2L-4L patients now comprise about 70% of volume and community hospitals represent roughly 40% of treatment centers. Its outlook is further strengthened by operational progress, including approximately four-week turnaround, effective bridging that helps more patients reach infusion, and company-wide adjusted profitability of $63M for the first time, backed by $965M in cash. The pipeline also adds upside through the in vivo CAR-T platform, with LB2501 on track for U.S. IND in Q4:26 and LB2505 advancing in China, while CARVYKTI’s 50.4-month median PFS remains a key durability advantage over emerging competition.

Bear case

Legend Biotech is weighed down by a negative risk/reward profile because its valuation is heavily dependent on CARVYKTI’s expansion in earlier-line multiple myeloma, yet management commentary points to intensifying competition from bispecifics and anito-cel that could slow penetration. The firm’s DCF-based analysis implies an EV of approximately $11.9B, but that estimate assumes continued CARVYKTI momentum while key pipeline assets LB1908 and LB2102 carry only 25% and 30% probabilities of approval, respectively. Despite resolved supply constraints, concerns about delayed neurotoxicity, enterocolitis, J&J execution risk, and the need for further label expansions leave revenue durability and long-term growth uncertain.

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