Legend Biotech Stock (LEGN) Up on Strong Sales and Bullish Analyst Outlook
Legend Biotech (LEGN) shares jumped 5% over the past week on heavy trading volume as investors responded to impressive preliminary sales figures the company announced for its multiple myeloma therapy CARVYKTI, which achieved approximately $369 million in net trade sales for the quarter ending March 31, 2025. These preliminary figures exceeded analyst expectations and showed roughly 10% quarter-over-quarter growth.
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A Treatment Success Story
Legend Biotech is a clinical-stage biopharmaceutical company focusing on developing innovative cell therapies to treat various lymphomas and leukemia and further exploring treatments for solid tumors and infectious diseases.
CARVYKTI, a CAR-T cell therapy developed in partnership with Johnson & Johnson (JNJ), treats relapsed or refractory multiple myeloma, a blood cancer affecting plasma cells in bone marrow. The therapy's approval for second-line treatment significantly expanded its potential market, as previously it was limited to later-stage patients. While safety concerns, including neurotoxicity, remain on investors' radar, the treatment's efficacy has driven strong adoption rates and high patient satisfaction.
Legend has expanded its manufacturing network to meet growing demand, with FDA-approved facilities in New Jersey and additional capacity coming online in Belgium. These expansions are critical as supply constraints, particularly in European markets, have been among the company's few headwinds.
The company's strategic manufacturing setup in the U.S. and Europe has also shielded it from global tariff pressures affecting many biotech companies with overseas production.
Performance and Analyst Response
The solid preliminary Q1 results are consistent with the firm's track record of outperforming financial expectations, including in Q4 2024 when it reported revenue of $186.5 million against analyst forecasts of $179 million. Analysts project Legend could reach operational breakeven by late 2025, with profitability following in 2026. Further, the company's financial position remains solid with over $1.1 billion in cash, providing runway through mid-2026.
Most Wall Street analysts covering the stock are bullish on its prospects. For instance, H.C. Wainwright's Mitchell Kapoor reiterated a Buy rating on the stock with a price target of $75.00, citing the robust performance and growth potential of CARVYKTI. He notes that the treatment has shown a remarkable 10% quarter-over-quarter sales growth, surpassing internal and market expectations, driven by enhanced market share and capacity expansions. The approval for its use as a second-line treatment for multiple myeloma extends its market reach, tapping into a large patient population and potentially becoming a standard treatment.
Legend Biotech is rated a Strong Buy overall, based on the most recent recommendations of 15 analysts. The average price target for LEGN stock is $83.36, which represents a potential upside of 149.13% from current levels.
See more LEGN analyst ratings.
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