New York, January 7, 2026, 12:32 (EST) — Regular session
- Legend Biotech shares rose about 7% after Oppenheimer initiated coverage with an “Outperform” rating
- The stock is coming off a fresh 52-week low, keeping focus on Carvykti demand and competition
- Investors are looking to a Jan. 14 company presentation at the J.P. Morgan Healthcare Conference for the next update
Shares of Legend Biotech Corp rose 7.4% to $22.53 in midday trading on Wednesday after Oppenheimer initiated coverage with an “Outperform” rating and set a $75 price target, according to MarketBeat. StreetInsider said Oppenheimer analyst Trevor Allred authored the initiation note. 1
Why it matters now: Legend’s stock has been under pressure and touched a 52-week low of $21.16 earlier this week, keeping investors sensitive to any shift in the narrative around its lead product, Carvykti. Carvykti is a CAR‑T therapy — a personalized cancer treatment that uses a patient’s own immune cells — used in multiple myeloma, a blood cancer.
Oppenheimer argued the selloff has overshot fundamentals, saying Carvykti sales “surpass all CARTs across all indications and are expected to deliver Legend profitability in 2026,” according to a note carried by TheFly. The broker also pointed to investor concerns about competition from Arcellx’s experimental anito-cel and drug combinations such as daratumumab plus teclistamab.
The move came as biotech stocks broadly traded higher. The SPDR S&P Biotech ETF was up 2.4% and the iShares Nasdaq Biotechnology ETF gained about 2.5%, while the S&P 500 tracker SPY and the Nasdaq 100 tracker QQQ also edged higher. Among names tied to the CAR‑T and myeloma landscape, Arcellx shares rose 1.3%, while Johnson & Johnson, Gilead Sciences and Bristol Myers Squibb were also up on the day.
Legend’s near-term story still runs through Carvykti and how quickly it can expand patient access as newer treatments crowd the myeloma market. Bristol Myers’ rival CAR‑T, Abecma, has faced pressure as Carvykti gained ground, Reuters has reported.
For traders, the question is whether Wednesday’s bounce is the start of a rebuild or just a relief move after the stock flirted with the low-$21 area. They are watching for fresh color on supply, manufacturing capacity and what the company can do to turn strong product demand into steadier cash generation.
But risks remain. In October, the U.S. FDA added a boxed warning — its most serious label warning — for Johnson & Johnson and Legend’s therapy over a potentially fatal gastrointestinal condition, Reuters reported, underscoring how quickly safety or regulatory developments can weigh on sentiment in cell therapy.
