Legend Biotech's Price Target Cut to $80 as CARVYKTI Treats 10,000 Patients
Barclays cut its price target on Legend Biotech to $80 from $90 while maintaining an Overweight rating, citing revised near-term expectations despite a favorable long-term outlook. The company reported CARVYKTI has treated over 10,000 multiple myeloma patients and held nearly $1 billion cash as of Sept. 30, 2025.
1. Barclays Revises Price Target and Ratings
Barclays lowered its price target on Legend Biotech to $80 from $90 and reaffirmed an Overweight rating, reflecting a reassessment of near-term clinical and commercial expectations. The firm highlighted a strong long-term outlook for the company’s cell therapy pipeline despite uncertainties around upcoming quarterly results.
2. CARVYKTI Milestone and Financial Runway
Legend Biotech’s CARVYKTI therapy has treated over 10,000 multiple myeloma patients globally, solidifying its leadership position in CAR-T cell treatments. The company reported nearly $1 billion in cash, cash equivalents, and time deposits as of September 30, 2025, providing a financial runway beyond 2026.
3. Strategic 2026 Targets and Pipeline Expansion
Legend Biotech outlined strategic goals to achieve profitability by 2026 through expanded CAR-T applications in frontline multiple myeloma and future in vivo and allogeneic initiatives. The company aims to leverage its immune-based platforms to drive transformative growth across oncology indications.