As of December 9, 2025, shares of Legend Biotech Corporation (NASDAQ: LEGN) are under heavy pressure even as the company posts strong growth from its flagship CAR-T therapy, CARVYKTI. Here’s a deep dive into the latest news, forecasts, analyst calls and technical signals that are driving sentiment around Legend Biotech stock today.
Where Legend Biotech Stock Trades Now
Legend Biotech’s American Depositary Shares (ADS) were recently trading around $24.1, down roughly 8% on the day and hovering near fresh 52-week lows. [1]
On December 9, 2025, the stock:
- Traded intraday between roughly $24–28
- Sat well below the 50-day and 200-day moving averages (~$31 and ~$34 respectively) [2]
- Extended a year-long slide of more than 30%, according to a recent note from Investing.com [3]
A company news brief from Investing.com highlighted that Legend Biotech shares hit a 52-week low at $25.66 on December 9 (Sydney time) and flagged that the stock has declined about 32% over the last year, even though revenue grew nearly 75% year-on-year and the balance sheet holds more cash than debt with a current ratio of roughly 2.9. [4]
In other words: fundamentals are trending up, the share price is trending down. Classic biotech drama.
Q3 2025 Earnings: Strong Growth, Ongoing Losses
Legend Biotech’s slide accelerated after its third-quarter 2025 earnings, released on November 12, 2025.
From the company’s Q3 press release and financial statements: [5]
- Total revenue:
- $272.3 million in Q3 2025
- Up from $160.2 million in Q3 2024 (about 70% growth year-on-year)
- Revenue mix (Q3 2025):
- License revenue: $10.5m
- Collaboration revenue (largely linked to CARVYKTI with Janssen): $261.8m
- Other revenue: $0.02m
- Net loss:$39.7m (vs. $125.3m loss a year earlier)
- IFRS loss per share:–$0.11
- Adjusted (non-IFRS) net loss per share:–$0.05, which matched the –$0.05 EPS figure cited by Investing.com and was marginally worse than the consensus estimate of about –$0.045. [6]
So the picture is:
- Top line: accelerating sharply, driven by CARVYKTI.
- Bottom line: still negative, but losses shrinking and adjusted loss per share much smaller than IFRS loss suggests.
Markets, being emotionally unstable creatures, focused more on the small EPS and revenue miss than on the growth trajectory.
CARVYKTI: The Growth Engine Behind Legend Biotech
Legend Biotech’s investment case revolves around its autologous BCMA-targeted CAR-T therapy:
CARVYKTI® (ciltacabtagene autoleucel; “cilta-cel”) – co-developed with Janssen (Johnson & Johnson).
From the Q3 2025 results and recent company updates: [7]
- CARVYKTI net trade sales reached about $524 million in Q3 2025.
- The European Commission and U.S. FDA labels were updated to reflect an overall survival benefit versus standard therapies in relapsed/refractory multiple myeloma.
- Earlier quarters showed rapidly rising CARVYKTI sales as well (e.g., ~$369m net trade sales in Q1 2025). [8]
More importantly for long-term investors, new clinical data from the CARTITUDE-4 trial presented at ASH 2025 (American Society of Hematology) sharpened the story around earlier-line use:
- In standard-risk patients treated as early as first relapse, about 80% remained progression- and treatment-free at 2.5 years after a single CARVYKTI infusion.
- Johnson & Johnson reports that more than 9,000 patients worldwide have now been treated with cilta-cel, and it remains the only CAR-T with a demonstrated overall survival advantage versus standard therapies in this setting. [9]
Legend also highlighted first-in-human data from a novel CAR-T platform in non-Hodgkin lymphoma at ASH 2025, signaling ambitions beyond multiple myeloma. [10]
So while the stock chart looks ugly, the clinical and commercial trajectory of CARVYKTI is moving the other way: more indications, deeper data, and global penetration.
Expansion and Manufacturing: Flanders Award
On November 27, 2025, Legend Biotech was named “2025 FIBA Foreign Investor of the Year” by Flanders Investment & Trade for its sustained investments in cell therapy manufacturing and R&D in Ghent, Belgium. [11]
For investors, this matters because:
- Advanced therapies like CAR-T live or die on manufacturing capacity.
- Recognition by a major European hub suggests long-term commitment to scaling production and anchoring operations in a leading biotech ecosystem.
It’s not a revenue event, but it is a credibility and execution signal.
What Wall Street Analysts Are Saying About LEGN Stock
Despite the stock hitting fresh lows, sell-side analysts remain overwhelmingly bullish.
From Benzinga’s aggregation of analyst calls as of December 9, 2025: [12]
- Consensus rating:Buy (4.1/5 on Benzinga’s scale)
- Number of analysts:22
- Consensus 12-month price target:$74.95
- High target:$90 (Barclays, November 13, 2025)
- Low target:$48 (UBS, cut from $54 on December 8, 2025, but rating kept at Buy) [13]
A recent stock analysis from DirectorsTalk summarized the sentiment this way: [14]
- 16 buy ratings vs 1 hold
- Average target price: about $74.9
- Implied upside: roughly 166% from the then-current price around $28
RBC Capital, for example, raised its target to $77 back in August while keeping an Outperform rating, citing strong upside potential in CAR-T therapies. [15]
In short, Wall Street still thinks Legend Biotech is a growth story temporarily trapped inside a bear chart.
Technical Picture: Deeply Oversold, Bearish Momentum
Technically, Legend Biotech stock looks like it’s fallen down an elevator shaft:
A December 8, 2025 technical review highlighted that: [16]
- LEGN is trading below its 50-day (~$30.98) and 200-day (~$33.99) moving averages.
- The 14-day RSI (Relative Strength Index) sits around 15.9, which is deep into oversold territory (below 30 is typically oversold).
- The MACD and signal line are both negative, underscoring ongoing bearish momentum.
Combine that with fresh 52-week lows and a 30%+ 12-month drawdown, and it’s clear sentiment is extremely negative, even as the business metrics are improving. [17]
For technically minded traders, this setup often triggers one of two narratives:
- “Falling knife, stay away,” or
- “Oversold bounce incoming.”
Reality, annoyingly, usually lives somewhere in between.
Model-Based Forecasts and Options Market Signals
Beyond Wall Street analysts, a variety of quantitative and retail-oriented sites publish price forecasts for Legend Biotech. These aren’t investment advice, but they give a sense of how different models see the risk/reward.
Some recent examples:
- TradersUnion projects LEGN could end 2025 in a range of $23.45–$28.67, with an average of around $26.06. That’s only slightly above today’s price and essentially assumes a sideways to mildly positive finish to the year. [18]
- Stockscan estimates an average 2026 price of about $51.84 (range roughly $38–65), implying close to a 100% gain from current levels if the model plays out. [19]
- Short-term forecasting site Hexn had near-term targets around $27 in late November, essentially modeling modest upside with high volatility. [20]
Meanwhile, the options market gives a more “real-money” implied view of volatility:
- For options expiring January 16, 2026, the market is pricing an expected move of about ±$3.20 (±11.6%) from current levels, corresponding to a rough range of $24.46–$30.85 over the next 50 days. [21]
This doesn’t say whether LEGN will go up or down, but it quantifies how jumpy traders think it could be in the near term.
Investment Thesis in 2025: Bull and Bear Cases
The Bull Case for Legend Biotech Stock
Supporters of Legend Biotech lean heavily on the fundamental and clinical story:
- Rapid Revenue Growth
Revenue has grown around 70% year-on-year, driven by accelerating CARVYKTI uptake and collaboration revenue from Janssen. [22] - CARVYKTI’s Strategic Position
- Demonstrated overall survival benefit in late-line multiple myeloma. [23]
- New ASH 2025 data support earlier-line use, with 80% of certain patients remaining treatment-free at 2.5 years after a single infusion.
- Over 9,000 patients treated globally, positioning cilta-cel as a commercially validated CAR-T platform. [24]
- Deep Analyst Support and High Price Targets
Consensus targets in the $70–75 range with highs at $90+, plus a majority of Buy/Overweight/Outperform ratings from major firms (UBS, Barclays, RBC, Morgan Stanley, JP Morgan, Cantor, HC Wainwright, etc.). [25] - Pipeline and Platform Optionality
Legend is extending its cell therapy platform into non-Hodgkin lymphoma, other hematologic malignancies, and potentially solid tumors, adding future shots on goal beyond CARVYKTI. [26] - Solid Balance Sheet
The company holds substantial cash and time deposits (over $990m combined) and more cash than debt, giving it runway to fund R&D and manufacturing expansion. [27]
The bull logic goes: “You’re paying a beaten-down price for a company with genuine clinical wins, surging revenue and a long runway in a high-value space.”
The Bear Case for Legend Biotech Stock
Skeptics point to a different set of facts:
- Continued Losses and Cash Burn
Legend is still loss-making, with negative free cash flow and ongoing heavy investment in R&D and manufacturing. [28] - Execution and Manufacturing Risk
Scaling CAR-T manufacturing while maintaining quality, turnaround times and margins is non-trivial. Any misstep can hit both revenue and reputation. - Competitive CAR-T Landscape
Multiple myeloma and other hematologic cancers are crowded arenas with competing BCMA-targeted therapies and emerging bispecific antibodies. Over time, competition can pressure pricing and share. - Regulatory and Safety Overhang
CAR-T therapies carry serious potential adverse events (like cytokine release syndrome and neurotoxicity). Any unexpected safety signals or regulatory changes could dampen uptake. - Valuation Versus Reality
With consensus targets implying ~200% upside from current prices, even minor disappointments in uptake, pricing, or pipeline progress could prompt sharp corrections as expectations reset. [29]
The bear logic: “Great science, yes — but you’re still betting on flawless execution in a brutally competitive and capital-intensive niche.”
Is Legend Biotech Stock a Buy, Sell, or Hold Right Now?
From a neutral, news-style perspective:
- Short term:
- Medium to long term:
- The fundamental story — CARVYKTI growth, earlier-line data, and pipeline expansion — remains intact and arguably stronger post-ASH 2025. [32]
- Analysts overwhelmingly expect upside, with clustered price targets that are 2–3x the current share price. [33]
- Non-sell-side quantitative models broadly agree that the path of least resistance over several years is up, albeit with substantial volatility. [34]
Whether that makes LEGN a “buy” or “too risky” depends entirely on:
- Your risk tolerance (biotech equals high volatility by design)
- Your time horizon (CAR-T stories are multi-year arcs, not quarter-to-quarter trades)
- Your portfolio diversification (single-stock biotech exposure should usually be a small slice, not the whole pie)
References
1. www.benzinga.com, 2. www.directorstalkinterviews.com, 3. au.investing.com, 4. au.investing.com, 5. www.globenewswire.com, 6. www.globenewswire.com, 7. www.globenewswire.com, 8. legendbiotech.gcs-web.com, 9. www.jnj.com, 10. investors.legendbiotech.com, 11. www.globenewswire.com, 12. www.benzinga.com, 13. www.gurufocus.com, 14. www.directorstalkinterviews.com, 15. www.investing.com, 16. www.directorstalkinterviews.com, 17. au.investing.com, 18. tradersunion.com, 19. stockscan.io, 20. hexn.io, 21. optioncharts.io, 22. www.globenewswire.com, 23. www.globenewswire.com, 24. www.jnj.com, 25. www.benzinga.com, 26. www.directorstalkinterviews.com, 27. www.globenewswire.com, 28. www.globenewswire.com, 29. www.benzinga.com, 30. www.directorstalkinterviews.com, 31. au.investing.com, 32. www.jnj.com, 33. www.benzinga.com, 34. tradersunion.com
