Legend Biotech Corp. (NASDAQ: LEGN) shares are under heavy pressure on December 8, 2025, trading in the mid‑$20s and touching a new 52‑week low around $25.66 during the session. The slide comes despite strong clinical momentum for its flagship CAR‑T therapy CARVYKTI® and robust revenue growth, as investors react to valuation resets and ongoing concerns about profitability and cash flow. [1]
This article rounds up the key news and analysis on Legend Biotech stock from December 8, 2025 and the days immediately preceding it, and looks at what Wall Street expects next for LEGN.
Disclaimer: This article is for information and education only and is not financial advice or a recommendation to buy or sell any security.
What is Legend Biotech?
Legend Biotech is a cell therapy company focused on oncology, best known for CARVYKTI® (ciltacabtagene autoleucel, or “cilta‑cel”), a BCMA‑targeted CAR‑T treatment for multiple myeloma developed with Johnson & Johnson. CARVYKTI is already approved in the U.S. and EU and is now the only CAR‑T approved in the second‑line setting for multiple myeloma, a meaningful commercial advantage in a highly competitive space. [2]
The company is also building a next‑generation pipeline, including:
- New indications and earlier‑line use for CARVYKTI
- An allogeneic (off‑the‑shelf) dual‑target CAR‑T candidate, LUCAR‑G39D, for B‑cell non‑Hodgkin lymphoma
- Additional partnered programs such as LB2102 with Novartis
Legend has roughly 2,900 employees and is positioning itself as the “largest standalone cell therapy company,” with a global manufacturing and R&D footprint in the U.S., Europe and China. [3]
What Happened to LEGN Stock on December 8, 2025?
New 52‑week low and double‑digit intraday drop
On December 8, 2025, Legend Biotech stock:
- Hit a new 52‑week low at $25.66
- Was recently quoted around the mid‑$20s, down roughly 10–13% intraday
- Has fallen by more than 30% over the past year, despite strong top‑line growth [4]
An Investing.com report notes that the stock’s decline has pushed valuation metrics such as price‑to‑sales and price‑to‑book near their historical lows, even as revenue grew about 75% over the last 12 months and the balance sheet still shows more cash than debt with a current ratio around 2.9. [5]
UBS cuts its target to $48 but keeps a Buy
The selling pressure coincides with a fresh analyst move. On the morning of December 8:
- UBS lowered its 12‑month price target on LEGN from $54 to $48
- Nevertheless maintained a “Buy” rating
- Cited an approximate 11% cut in the target but still implied substantial upside from current prices
- Referenced broad Street consensus with an average 1‑year target around the low‑$70s and a high near $91, based on about 18 analysts [6]
This is the latest in a series of 2025 target reductions, including:
- Barclays: $94 → $90 (Buy)
- RBC Capital: $75 → $74 (Outperform)
- Cantor Fitzgerald: $66 → $75 (Buy, raised)
- HC Wainwright: $75 → $60 (Strong Buy) [7]
So, while numbers are drifting lower, the rating language remains overwhelmingly positive.
RBC reiterates Outperform and $74 target
Later in the day, an analyst note from RBC Capital reinforced that bullish tilt, even as the stock slid: [8]
- RBC reiterated its “Outperform” rating and $74 price target
- At a trading price a little above $28 quoted in the note, RBC’s target implied very large upside; with shares now lower, the percentage upside is even greater
- The call leaned heavily on new ASH 2025 data showing median progression‑free survival (PFS) beyond 50 months for CARVYKTI in heavily pretreated multiple myeloma patients, which RBC said sets “a very high bar for competitors”
- RBC also highlighted Legend’s 74.75% revenue growth over the last year and stated they “would be buyers” at current levels, arguing the market is overly pessimistic about future market‑share erosion
Despite that, the stock continued to trade down, underscoring a gap between Street models and near‑term sentiment.
Financial Performance: Q3 2025 Snapshot
Legend Biotech’s most recent reported quarter is Q3 2025, released on November 12. The numbers show strong growth but continuing losses: [9]
- Total revenue: $272.3 million (up from $160.2 million a year earlier)
- Collaboration revenue (mostly CARVYKTI): $261.8 million, up from $142.8 million
- CARVYKTI net trade sales: approximately $524 million in the quarter
- Net loss: $39.7 million (vs. $125.3 million in Q3 2024)
- Adjusted net loss: $18.8 million (vs. $42.0 million)
- Cash, cash equivalents and time deposits: about $1.0 billion as of September 30, 2025
Management’s guidance is aggressive:
- Expect CARVYKTI to be profitable on its own business line by year‑end 2025
- Target company‑wide profitability in 2026
- Believe current cash provides a runway beyond 2026
These are forward‑looking statements, not guarantees, but they are important to how analysts model long‑term value.
Despite the improving loss profile, some commentators emphasize that Legend remains loss‑making and reliant on collaboration economics and large manufacturing investments. A TipRanks note on December 8, for example, highlighted “financial challenges” and profitability concerns as reasons for volatility, even while acknowledging its promising ASH data. [10]
Clinical Momentum: ASH 2025 Data for CARVYKTI and LUCAR‑G39D
CARVYKTI: long-term survival signals
On December 6, 2025, Legend released a detailed ASH 2025 update on CARVYKTI, including long‑term clinical and translational data from the CARTITUDE‑1 and CARTITUDE‑4 trials: [11]
Key highlights:
- In triple‑class–exposed multiple myeloma patients with three prior lines of therapy, median PFS was 50.4 months after a single CARVYKTI infusion – one of the longest PFS results reported for any BCMA‑targeted CAR‑T in that population.
- In CARTITUDE‑4, patients treated earlier (after one or two prior lines) showed stronger immune “fitness” and a more favorable tumor micro‑environment, correlating with longer PFS. At around 34 months median follow‑up, median PFS in the “as‑treated” group had not yet been reached in some subgroups.
- Among standard‑risk patients, approximately 80% remained progression‑free and off treatment at 30 months in the as‑treated CARVYKTI arm.
These data reinforce earlier five‑year outcomes presented at ASCO 2025, where roughly one‑third of patients remained alive and progression‑free at ≥5 years after a single infusion, without further myeloma treatment. [12]
Taken together, this strengthens the thesis that CARVYKTI has durable, potentially treatment‑free remissions in a subset of patients – a core part of the bullish narrative around LEGN.
LUCAR‑G39D: an off‑the‑shelf CAR‑T in lymphoma
At the same ASH meeting, Legend also reported first‑in‑human results from LUCAR‑G39D, a dual‑targeted allogeneic (donor‑derived) CAR‑T candidate for relapsed/refractory B‑cell non‑Hodgkin lymphoma: [13]
- 16 patients treated across five dose levels, median follow‑up ~6 months
- No dose‑limiting toxicities, neurotoxicity syndrome, or graft‑versus‑host disease reported
- Overall response rate of 75%, with 37.5% complete responses
- Most responders remained in remission at the time of data cut‑off
It’s early‑stage data, but it shows Legend is not just a “one‑drug company” and is investing in off‑the‑shelf platforms that could be more scalable than autologous CAR‑T.
Strategic Expansion: Manufacturing and R&D Footprint
2025 has also brought a series of capacity and footprint moves that matter for long‑term value.
Ghent, Belgium: Foreign Investor of the Year & €165m expansion
On November 27, 2025, Legend Biotech was named Foreign Investor of the Year at the 2025 Flanders International Business Awards. [14]
Highlights:
- Recognized for a €165 million joint investment with Johnson & Johnson to expand its Tech Lane Ghent Science Park facility
- Ghent sites (Tech Lane + Obelisc) are becoming one of Europe’s largest CAR‑T manufacturing hubs
- Local workforce in Belgium has grown from 2 employees in 2022 to over 1,000, with plans for further hiring
This is strategically important: CAR‑T is manufacturing‑intensive, and reliable capacity is a competitive moat. It also supports global rollout of CARVYKTI across the EMEA region.
Philadelphia: new U.S. R&D center
On November 13, 2025, Legend officially opened a 31,000‑square‑foot cell therapy research and development facility in Philadelphia. [15]
The site:
- Expands Legend’s U.S. R&D footprint beyond New Jersey
- Is designed to support next‑generation cell therapy R&D in oncology and immunology
- Initially houses around 50–60 scientific staff, with room for growth
Together, the Ghent manufacturing build‑out and Philadelphia R&D center signal that Legend is investing ahead of demand, betting that CARVYKTI and follow‑on programs will justify a global, vertically integrated cell therapy network.
Analyst Consensus and Stock Forecasts
Despite the recent price slide, Wall Street’s medium‑term view remains strikingly bullish.
Data aggregated by StockAnalysis (sourced from Benzinga and Finnhub) as of December 8, 2025 show: [16]
- Coverage: 12 analysts
- Consensus rating: Strong Buy
- Average 12‑month price target:$72.42
- Range: Low $48, median $75, high $90
- Implied upside from ~$25–26 is well over +180% on the average target
On the fundamentals side, the same dataset suggests:
- Revenue 2025: ~$1.06 billion (up ~69% vs. 2024)
- Revenue 2026: ~$1.60 billion (up ~51% vs. 2025)
- EPS 2025: around –$0.95 (still a loss)
- EPS 2026: around +$0.47, i.e. a move to profitability in analyst models
GuruFocus, which tracks a somewhat larger analyst pool (around 18 firms), reports a similar picture: average target in the low‑$70s, with a high around $91 and a low in the low‑$50s, plus an average recommendation corresponding to “Outperform”/“Buy.” [17]
In other words: price targets are compressing, but they remain far above today’s share price.
Why Is the Stock Selling Off?
So why is a company with:
- ~70–75% revenue growth,
- growing CAR‑T market leadership, and
- bullish analyst coverage
trading at its 52‑week low?
Recent commentary points to a few overlapping themes:
- Profitability and cash‑flow skepticism
- Even with improving losses, Legend is still burning cash.
- Some investors doubt management’s timeline for reaching profitability by 2026, especially given heavy ongoing investments in manufacturing and R&D. [18]
- Biotech risk-off sentiment
- Higher rates and macro uncertainty have weighed on long‑duration, high‑R&D sectors like biotech, especially companies not yet consistently profitable.
- Competition in multiple myeloma
- CARVYKTI competes with Bristol Myers Squibb/2seventy’s Abecma and a growing field of bispecific antibodies and next‑gen cell therapies.
- RBC explicitly flagged that longer‑term data from competitors could change the landscape, even if CARVYKTI currently sets a high bar on efficacy. [19]
- Safety and label complexity
- The CARVYKTI label includes multiple boxed warnings (cytokine release syndrome, neurologic toxicities, HLH/MAS, prolonged cytopenias, secondary malignancies, early mortality signals, etc.). These can constrain adoption or trigger regulatory scrutiny, even as efficacy remains compelling. [20]
- General volatility in small‑/mid‑cap biotech
- GuruFocus notes that LEGN’s stock volatility is high (with annualized volatility above 40%), and technical indicators show a clear downtrend, reinforcing negative momentum. [21]
Put simply: the science looks strong, the P&L is improving, but the path to durable, de‑risked cash flows is still debated, and the market is demanding a bigger discount to wait.
Key Catalysts to Watch in 2026
For investors following Legend Biotech, several near‑ to medium‑term catalysts could influence LEGN’s trajectory:
- Execution on CARVYKTI growth
- Maintaining market leadership in second‑line multiple myeloma
- Expanding patient access and manufacturing throughput (including the Belgium Tech Lane facility ramping to support global demand in 1H 2026) [22]
- Profitability milestones
- Delivery (or not) on management’s goal of CARVYKTI profitability by end‑2025 and company‑wide operating profit in 2026
- Trend in adjusted net loss and free cash flow over coming quarters [23]
- Regulatory and label developments
- Further updates to CARVYKTI’s label, including how regulators continue to balance long‑term survival benefits vs. early mortality and safety risks
- Pipeline readouts
- Additional data from LUCAR‑G39D and other next‑gen programs (e.g., LB2102 with Novartis)
- Progress in trials like CARTITUDE‑10 in newly diagnosed multiple myeloma [24]
- Partnerships and business development
- Possible new alliances beyond Johnson & Johnson and Novartis, especially in allogeneic platforms or new indications
- Macro and sector sentiment
- If biotech as a sector rerates (e.g., on lower rates or renewed risk appetite), high‑beta names like LEGN could move sharply.
Risk Factors to Keep in Mind
Legend Biotech is not a low‑risk story. Key risks include:
- Clinical and safety risk: CAR‑T therapies carry serious, sometimes fatal toxicities; new safety signals or adverse events can impact adoption or trigger regulatory constraints. [25]
- Manufacturing and supply risk: Cell therapy manufacturing is complex; issues at any major site (Ghent, Raritan, etc.) could disrupt revenue. [26]
- Competitive risk: Competing CAR‑Ts, bispecific antibodies, and future modalities could erode CARVYKTI’s share, particularly if they match efficacy with more convenient delivery or better safety. [27]
- Regulatory and pricing risk: Changes in reimbursement, pricing pressure from payers, or new regulatory requirements could reduce profitability even if volumes grow.
- Financing and dilution risk: Although Legend currently has about $1.0 billion in cash, unexpected delays or higher‑than‑planned spend could eventually require additional capital raises, diluting existing shareholders. [28]
These are the trade‑offs behind the steep discount the market is currently assigning to the stock.
Bottom Line: A High-Conviction Science Story in a Low-Conviction Tape
As of December 8, 2025, Legend Biotech stock sits at a 52‑week low despite:
- Rapid revenue growth driven by CARVYKTI
- Strengthening long‑term survival data and new ASH 2025 readouts
- Significant investments in global manufacturing and R&D
- A consensus “Strong Buy” rating and average price target nearly three times today’s share price [29]
The disconnect is centered on timing and durability:
- Bulls view LEGN as a leading cell‑therapy platform on the cusp of profitability, temporarily mispriced because of sector‑wide risk aversion.
- Bears (or nervous holders) focus on continuing losses, manufacturing and safety complexity, and the risk that multiple myeloma becomes a crowded, price‑pressured market.
References
1. www.investing.com, 2. www.globenewswire.com, 3. www.globenewswire.com, 4. www.investing.com, 5. www.investing.com, 6. www.gurufocus.com, 7. www.marketscreener.com, 8. uk.investing.com, 9. www.globenewswire.com, 10. www.tipranks.com, 11. www.globenewswire.com, 12. investors.legendbiotech.com, 13. www.globenewswire.com, 14. www.globenewswire.com, 15. www.chartmill.com, 16. stockanalysis.com, 17. www.gurufocus.com, 18. www.tipranks.com, 19. uk.investing.com, 20. www.globenewswire.com, 21. www.gurufocus.com, 22. www.globenewswire.com, 23. www.globenewswire.com, 24. www.globenewswire.com, 25. www.globenewswire.com, 26. www.globenewswire.com, 27. trial.medpath.com, 28. www.globenewswire.com, 29. www.investing.com
