Legend Biotech stock (US52490G1022): RBC raises price target to $64

RBC Capital raised its price target on Legend Biotech (LEGN) to $64 from a prior level while maintaining an outperform rating, as reported on May 13, 2026. The stock closed up 10.48% at $28.26 on May 12 amid Q1 earnings.

Legend Biotech Corp saw a significant analyst update as RBC Capital Markets raised its price target on the stock to $64 from a previous level, maintaining an outperform rating, according to Investing.com as of May 13, 2026. Separately, Morgan Stanley maintained an overweight rating but lowered its target to $48 from $49 on May 13, per GuruFocus as of May 13, 2026. The shares surged 10.48% to close at $28.26 on May 12, 2026, on Nasdaq, following Q1 results released that day, as noted on MarketBeat as of May 12, 2026.

As of: 14.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Legend Biotech Corp
• Sector/industry: Biotechnology / CAR-T therapies
• Headquarters/country: Somerset, New Jersey, USA
• Core markets: Oncology, multiple myeloma
• Key revenue drivers: Carvykti sales
• Home exchange/listing venue: Nasdaq (LEGN)
• Trading currency: USD

Legend Biotech Corp: core business model

Legend Biotech Corp is a commercial-stage biopharmaceutical company focused on developing and commercializing chimeric antigen receptor T-cell (CAR-T) therapies for oncology, according to its overview on MarketBeat as of May 12, 2026. Headquartered in Somerset, New Jersey, with R&D in Shanghai, the firm leverages global operations to advance cellular therapies. Its lead product, Carvykti (ciltacabtagene autoleucel), is a BCMA-directed CAR-T therapy approved for relapsed or refractory multiple myeloma.

Carvykti, partnered with Janssen (Johnson & Johnson), has become a key driver, positioning Legend as the largest stand-alone cell therapy company, as stated in its Q1 2026 earnings call transcript on Insider Monkey as of May 12, 2026. The company went public on Nasdaq in June 2020, raising $350 million at $18-$20 per share underwritten by Morgan Stanley and others.

Main revenue and product drivers for Legend Biotech Corp

Revenue primarily stems from Carvykti sales, with Q1 2026 reporting $305.1 million in sales, though missing analyst estimates, per Benzinga as of May 2026. EPS came in at -$0.15, below expectations of -$0.02. Consensus forecasts project earnings growth of 441.94% to $1.68 per share in the coming year, as detailed on MarketBeat for the period ending 2026.

Pipeline expansion includes next-generation CAR-T therapies, with CEO Ying Huang highlighting growth opportunities for Carvykti and new frontiers in a Scrip interview cited on Citeline as of recent publication. The stock's market cap stands at $5.23 billion, with average volume of 2.91 million shares.

Industry trends and competitive position

In the competitive CAR-T space for multiple myeloma, Legend Biotech holds a strong position with Carvykti, which has shown market-leading performance. The biotech sector benefits from advancing oncology treatments, with US investors tracking firms like Legend for exposure to innovative therapies amid a growing multiple myeloma market.

Why Legend Biotech Corp matters for US investors

Listed on Nasdaq, Legend Biotech offers US investors direct access to a leader in CAR-T therapies with significant US operations and exposure to the domestic oncology market. Its partnership with Janssen enhances commercialization reach, making it relevant for portfolios focused on biotech innovation.

What do analysts say about Legend Biotech Corp?

Analysts maintain a Moderate Buy consensus on Legend Biotech, with an average price target of $58.31 implying 106.3% upside from $28.26, based on 11 buy, 3 hold, and 1 sell ratings as of May 12, 2026, per MarketBeat. Recent updates include RBC Capital's raise to $64 (outperform) and Morgan Stanley's overweight at $48.

Consensus earnings growth forecasts underscore optimism for profitability, with the stock's P/B ratio at 5.20 reflecting growth potential despite current negative earnings (P/E -35.33).

Conclusion

Legend Biotech Corp continues to advance its CAR-T portfolio amid recent analyst updates and Q1 results, with Carvykti driving revenue growth potential. While shares reacted positively post-earnings, ongoing pipeline developments and consensus upside targets highlight its position in oncology. Investors monitor execution on profitability and expansion for US-listed biotech exposure.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.