Legend Biotech Corp’s stock is navigating a period of significant market turbulence. A downward trend has persisted for the equity, even as the company continues to report impressive clinical performance for its lead therapy, CARVYKTI. Recent trading reflects a complex mix of robust trial results, shifting competitive dynamics, and revised analyst assessments.
Operational Strength and Clinical Milestones
The core investment thesis for Legend Biotech remains anchored to the compelling data for CARVYKTI. At the American Society of Hematology (ASH) annual meeting on December 6, the firm unveiled promising long-term outcomes. Five-year results from the CARTITUDE-1 study demonstrated that 33% of heavily pre-treated multiple myeloma patients remained progression-free more than five years after a single infusion of CARVYKTI. The median overall survival was reported at 60.7 months, highlighting the therapy’s potential to redefine care standards.
Operationally, the company demonstrates considerable momentum. For the third quarter of 2025, net trade sales for CARVYKTI reached approximately $524 million, representing an 84% increase year-over-year. The treatment is now accessible in 14 global markets and has been administered to over 9,000 patients. Furthermore, on November 13, Legend Biotech inaugurated a modern research and development facility in Philadelphia to expand its U.S. capabilities.
Sustained Price Pressure and Trading Activity
Despite these strengths, the share price has faced substantial pressure. The stock recorded notable declines across multiple sessions. On December 8, it plunged 13.4%, or $3.78, to close at $25.38, marking a new 52-week low. This was followed by a 2.6% drop to $23.88 on December 10. The downward movement extended into December 11 with a further 1.59% loss, cementing a fourth consecutive daily decline.
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This activity contributed to a broader retreat, with the stock falling in five of the last ten trading days. The cumulative loss over this ten-day period reached 16.39%, with a specific twelve-day drawdown measured at 12.04%.
Analyst Recalibrations Amid Competitive Landscape
In response to these market movements and the evolving environment, several financial institutions have updated their valuations. On December 8, RBC Capital reaffirmed an “Outperform” rating and maintained a $74 price target, citing CARVYKTI’s superior efficacy profile. Also on December 8, UBS Group adjusted its outlook, lowering the price target on Legend Biotech from $54 to $48 while keeping a “Buy” recommendation. Morgan Stanley is among other firms that have recently revisited their expectations, largely sustaining positive ratings while acknowledging increased competitive pressures within the cell therapy sector.
The future trajectory of the stock will likely hinge on how the market balances CARVYKTI’s standout clinical achievements against intensifying competition in oncology. Forthcoming quarterly financial results will serve as a critical gauge of the therapy’s commercial traction.
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