Legend Biotech Corporation research snapshot
LEGN AI stock analysis as of the August 3, 2026 data cutoff reads Legend Biotech as a cell therapy pioneer whose stock has been cut roughly in half over the past two months while its commercial product keeps growing. The stock closed at $18.55 on July 31, 2026, with an after-hours print of $18.60 and a market capitalization near $3.59 billion, re-verified as $18.55 times 193.44 million shares outstanding per StockAnalysis.com. The headline events behind the decline are the leadership transition announced July 27, 2026, in which founder CEO Ying Huang stepped down effective July 24 and CARVYKTI Business Unit President Alan Bash became interim CEO while the board searches for a permanent successor, and the UBS downgrade to Neutral on July 24, 2026, which cut the price target to $28 from $49 on a view that intensifying competition narrows the CARVYKTI opportunity. The stock also absorbed a $225 million ADS public offering priced at $29.35 per ADS on June 17, 2026, which closed June 23 and triggered a 16.7% drop on June 18, and then a 13.3% drop on July 27 tied to the CEO news. Underneath the price action, TTM revenue reached $1.14 billion, up 56.4%, on CARVYKTI collaboration revenue, and analysts still forecast revenue of about $1.42 billion for 2026 with adjusted EPS turning positive near $0.28, while the company holds cash and short-term investments of about $834.6 million. The core tension is between CARVYKTI commercial momentum and pipeline optionality on one side and competitive erosion risk, leadership transition uncertainty, and the capital needs of a not-yet-GAAP-profitable biotech on the other. This is informational research and not investment advice.
Current price
$18.55
Market cap
$3.59 billion
AI score
45 / 100
Rating
Disrupted leadership, competitive pressure, consensus still positive
Trend status
Strong downtrend below every moving average, deeply oversold
Data cutoff (updated monthly)
August 4, 2026
Informational use only. This page is not investment advice.
| Dimension | Conclusion | Confidence |
|---|---|---|
| Business quality | Legend Biotech is the largest standalone cell therapy company, with CARVYKTI (cilta-cel), a BCMA-directed CAR-T for multiple myeloma, marketed through a global partnership with Johnson and Johnson. TTM revenue reached $1.14 billion, up 56.4%, but the company is still GAAP loss-making, with TTM net income of about -$250.1 million. | Medium-high |
| Moat | The moat rests on proprietary CAR-T technology, cell therapy manufacturing expertise, the J&J partnership providing commercial scale, and an early lead in BCMA-directed CAR-T plus a next-generation in vivo CAR-T platform. BCMA bispecific competitors such as Tecvayli and Elrexfio, and the UBS view of intensifying competition, could narrow it. | Medium |
| Management | Founder CEO Ying Huang stepped down on July 24, 2026, and CARVYKTI Business Unit President Alan Bash is interim CEO while the board searches for a permanent successor. The June 2026 public offering raised about $226 million but diluted holders at $29.35, below the prior close. Leadership transition adds execution uncertainty. | Medium |
| Financial trend | TTM revenue was $1.14 billion with 56.4% growth, gross margin near 55%, and a shrinking operating loss of about -$131.6 million, against a net loss of about -$250.1 million. Cash and short-term investments were about $834.6 million as of March 31, 2026, with $711.3 million net cash on the balance sheet. Analysts forecast 2026 revenue of $1.42 billion and adjusted EPS of $0.28, implying a possible turn toward breakeven. | Medium-high |
| Valuation | At about $18.55, LEGN trades at roughly 3.15x TTM revenue, 2.34x forward revenue, and 3.56x book value, with a forward P/E near 24.4 based on the 2026 adjusted EPS consensus. The 15-analyst consensus average target is $52.10, with a low of $27 and a high of $80, so the market price is well below even the lowest analyst target. | Medium |
| Technical trend | LEGN closed at $18.55 on July 31, 2026, below its 5-day, 20-day, 50-day, 100-day, and 200-day moving averages, with 14-day RSI near 23.66 and 14-day ADX near 41.45 confirming a strong downtrend with negative directional pressure. The 52-week range is $16.24 to $40.05. | Medium |
| Risk level | Key risks are CARVYKTI competition from BCMA bispecifics, pipeline trial setbacks, cell therapy manufacturing complexity, regulatory scrutiny, the leadership transition, the need for future dilutive capital, and the binary outcome risk of biotech investing. Short interest of about 17.34% of shares outstanding shows elevated bearish positioning. | Medium-high |
| AI confidence | Medium-high confidence for the business map, filing-backed financials, market data, and the major risk categories. Lower confidence for pipeline probability weighting, competitive market share, and future stock returns. | Medium-high data confidence |
| Investment certainty | Low to medium certainty. Legend has an approved, growing product and a differentiated platform, but the stock outcome depends on competition, leadership execution, and financing decisions that remain genuinely uncertain. | Low to medium |
LEGN AI stock forecast
The LEGN AI stock forecast uses scenario ranges around the $18.55 July 31, 2026 close and the 2026 consensus revenue estimate of $1.42 billion. It does not claim that AI can predict a specific future price. The bullish case requires CARVYKTI to hold share against bispecific competition, clean execution by interim and permanent leadership, and pipeline progress. The base case assumes revenue keeps growing while valuation stays compressed and occasional dilutive funding continues. The bearish case assumes competition erodes CARVYKTI economics or pipeline setbacks force repeated dilutive capital raises.
$40 to $55
More likely if CARVYKTI revenue growth stays strong despite bispecific competition, Q2 2026 results due August 11, 2026 beat expectations, a credible permanent CEO is named quickly, pipeline data including in vivo CAR-T programs continue to impress, and the stock re-rates toward the $52.10 analyst consensus target.
$20 to $30
More likely if CARVYKTI revenue grows at a high teens to low twenties pace, competition pressure keeps the multiple low, leadership transition is orderly but slow, occasional dilutive funding continues, and the stock trades near the $23 to $28 area of its moving averages and the $27 analyst low target.
$10 to $18
More likely if BCMA bispecifics take meaningful CARVYKTI share, pipeline trials disappoint, manufacturing or regulatory setbacks occur, the CEO search drags with execution drift, or the company needs large dilutive financing at depressed prices. A sustained break below the $16.24 52-week low would deepen this path.
LEGN AI technical analysis
LEGN AI technical analysis starts from the $18.55 July 31, 2026 close. The stock sits below its 5-day moving average near $18.95, its 20-day near $23.41, its 50-day near $27.95, its 100-day near $24.91, and its 200-day near $24.54, so the trend is down across every timeframe. The 14-day RSI near 23.66 is deeply oversold and the 14-day ADX near 41.45 with negative directional index confirms a strong downtrend, so bounces are likely to meet resistance. Because this page does not fetch request-time market data, traders should confirm levels on a live chart before acting.
| Level | Value | Why it matters |
|---|---|---|
| Current price | $18.55 | StockAnalysis.com real-time quote at the July 31, 2026 close; after-hours print of $18.60. Market cap math uses 193.44 million shares outstanding. |
| Near support | $16.24 to $18 | The 52-week low of $16.24 is the primary downside test. The stock held in the $18.5 to $19 range on July 28 to 31 after the July 27 drop, so that zone is the first reaction support. |
| Secondary support | $14 to $16 | If the 52-week low near $16.24 breaks, there is no recent chart floor until roughly the low teens, so the secondary support is based on psychological round levels rather than visible price history. |
| Near resistance | $19 to $21 | The 5-day moving average near $18.95 and the July 24 close near $22.22 form the first overhead. A close back above $20 would be the first constructive sign for a bounce. |
| Key resistance | $23 to $25 | The 20-day moving average near $23.41, the 100-day near $24.91, and the 200-day near $24.54 cluster here. This zone was resistance through late July and would need volume and positive catalysts to clear. |
| 50-day moving average | $27.95 | Barchart and StockAnalysis.com both reported the 50-day moving average near $27.95 on July 31, 2026, roughly 51% above the current price. |
| 200-day moving average | $24.54 | Barchart and StockAnalysis.com both reported the 200-day trend line near $24.54, well above price, confirming the medium-term downtrend. |
| Momentum | RSI near 24, deeply oversold | 14-day RSI was near 23.66 on July 31, 2026, and the 9-day reading near 16.52, so the stock is oversold on multiple horizons, which raises the odds of a technical bounce but does not reverse the trend by itself. |
| Volume | Spiked on July 27, then eased | Volume surged to about 10.07 million shares on July 27, 2026 when the stock fell 13.3% on the CEO news, then cooled to about 2.7 million to 4.0 million over July 28 to 31, against a 20-day average near 2.64 million. |
| Volatility | Extreme, typical of biotech | Barchart reported 14-day historical volatility near 73.45% and 9-day near 70.54% on July 31, 2026, with a 14-day average true range near $1.41, so position sizing must assume large single-day swings. |
| Invalidation | Close below $16.24, or reclaim $20 | A decisive close below the $16.24 52-week low would confirm the bearish path. A sustained close above $20, then above the $23 to $25 cluster, would be needed to argue the downtrend is ending. |
LEGN AI trading strategy
The LEGN AI trading strategy is a rules-based research framework, not personalized advice. The stock is in a confirmed downtrend with extreme volatility, deep short interest, and binary catalyst risk, so position sizing, catalyst awareness, and defined invalidation levels matter more than technical patterns.
Monitor LEGN around known catalysts: the Q2 2026 earnings call scheduled for August 11, 2026, CARVYKTI label expansion and competitive updates, pipeline data readouts including in vivo CAR-T programs, the permanent CEO appointment, and regulatory filings. Enter only when the risk and reward of the specific catalyst can be assessed.
Biotech binary events can move the stock 15-40% in a day, as July 27 showed. Define maximum loss before the event and do not add to a position after a negative catalyst.
The 14-day RSI near 23.66 and the stabilization around $18.5 to $19 suggest a potential oversold bounce, but with the ADX above 40 and price below every moving average, treat any bounce as counter-trend until price reclaims $20 and then the $23 to $25 moving average cluster.
An oversold bounce in a downtrend can fail quickly. A close back below the July 31 low near $18.33, or below the $16.24 52-week low, should invalidate the setup.
Track quarterly CARVYKTI revenue growth and J&J collaboration updates, bispecific competition market share, pipeline clinical data, cash runway, share count changes from financings, short interest, and the progress of the permanent CEO search.
Lower confidence if CARVYKTI growth decelerates meaningfully, competition takes share, the pipeline suffers setbacks, or the company needs large dilutive financing at depressed prices. Higher confidence if leadership stabilizes and growth outpaces competition.
Investment research summary
Legend Biotech develops and commercializes cell therapies for cancer. CARVYKTI, its lead product, is a BCMA-directed CAR-T therapy for multiple myeloma marketed through a global partnership with Johnson and Johnson, generating essentially all of its revenue through collaboration income.
The moat is cell therapy manufacturing expertise, proprietary CAR-T and in vivo CAR-T technology, the J&J partnership providing commercial infrastructure, and an early lead in BCMA-directed CAR-T. BCMA bispecific competition and next-generation cell therapy entrants are the main threats.
The thesis can fail if CARVYKTI adoption plateaus as BCMA bispecifics compete, J&J partnership economics shift, pipeline products including in vivo CAR-T disappoint, manufacturing yields or capacity fall short, the leadership transition disrupts execution, or the company burns through cash and needs dilutive financing without reaching profitability.
Founder CEO Ying Huang stepped down July 24, 2026, with Alan Bash, President of the CARVYKTI Business Unit, serving as interim CEO while the board runs a permanent successor search. The June 2026 $225 million ADS offering was prudent for the balance sheet but dilutive at $29.35. Succession quality and continuity are now the key management questions.
Cell therapy is a fast-growing area of oncology, with CAR-T moving into earlier lines of treatment and next-generation in vivo approaches emerging. Legend is positioned in the BCMA CAR-T space with pipeline expansion into other hematologic and solid tumor targets.
At roughly 3.15x TTM revenue and about 3.56x book value with negative earnings, the market is pricing a lot of risk into the stock, which sits well below the $27 lowest analyst target. The margin of safety depends on whether CARVYKTI can hold share against competition, leadership stabilizes, and the company approaches profitability without excessive dilution.
Source-backed data
Every metric below includes a source and last verification date.
| Metric | Value | Source | Last verified |
|---|---|---|---|
| LEGN price | $18.55 at the July 31, 2026 close, $18.60 after hours | StockAnalysis.com real-time quote | August 3, 2026 |
| Market capitalization | $3.59 billion, computed as $18.55 x 193.44 million shares outstanding, verified by financial_rigor.py | StockAnalysis.com quote and share statistics | August 3, 2026 |
| TTM revenue | $1.14 billion as of March 31, 2026, up 56.38% year over year, with FY2025 revenue of $1.029 billion up 64.02% | StockAnalysis.com financials | August 3, 2026 |
| Revenue structure FY2025 | Collaboration revenue of $944.8 million, license revenue of $83.8 million, and other service revenue of $0.3 million, for a total of $1.029 billion | StockAnalysis.com financials revenue by segment | August 3, 2026 |
| TTM net income | -$250.1 million, with TTM EPS of -$1.38 | StockAnalysis.com statistics | August 3, 2026 |
| FY2025 net income and EPS | FY2025 net loss of -$296.8 million and EPS of -$1.62, versus FY2024 net loss of -$177.0 million | StockAnalysis.com income statement | August 3, 2026 |
| Margins | TTM gross margin near 54.99%, operating margin near -11.82%, and profit margin near -21.96% | StockAnalysis.com statistics | August 3, 2026 |
| Cash and short-term investments | $834.6 million as of March 31, 2026, with cash and cash equivalents of $646.4 million and short-term investments of $188.2 million | StockAnalysis.com balance sheet | August 3, 2026 |
| Total debt and net cash | Total debt of $123.3 million and net cash of $711.3 million on the balance sheet as of March 31, 2026; the StockAnalysis.com statistics page reports total debt of $389.30 million and net cash of $445.30 million under a broader debt classification | StockAnalysis.com balance sheet and statistics | August 3, 2026 |
| Cash cross-check via SEC EDGAR | Cash and cash equivalents of $901.9 million as of December 31, 2025, matching the SEC EDGAR XBRL company facts figure | SEC EDGAR XBRL company facts | August 3, 2026 |
| Book value | Shareholders equity of $967.7 million and book value per share of $5.24 as of March 31, 2026 | StockAnalysis.com balance sheet | August 3, 2026 |
| Valuation check | Forward P/E near 24.41, PS ratio of 3.15, forward PS of 2.34, and PB ratio of 3.56, verified by financial_rigor.py | StockAnalysis.com statistics | August 3, 2026 |
| Cash flow | TTM operating cash flow of -$81.7 million and free cash flow of -$115.8 million | StockAnalysis.com statistics | August 3, 2026 |
| Shares outstanding | 193.44 million, up 0.75% year over year | StockAnalysis.com statistics | August 3, 2026 |
| Analyst consensus | Buy rating from 15 analysts with an average target of $52.10, low of $27, median near $56, and high of $80 | StockAnalysis.com forecast | July 28, 2026 |
| Analyst rating mix, July 2026 | 6 Strong Buy, 5 Buy, 4 Hold, 0 Sell out of 15 analysts, versus 7 Strong Buy, 5 Buy, 2 Hold in June | StockAnalysis.com forecast recommendation trends | July 28, 2026 |
| Recent analyst actions | UBS downgraded to Neutral with a $28 target from $49 on July 24, 2026; RBC Capital cut its target to $59 from $63 while keeping an Outperform rating on July 27; H.C. Wainwright reiterated Buy at $65 on July 28; Goldman Sachs maintained Buy at $41 on July 16; Barclays maintained Buy at $80 on July 14; J.P. Morgan resumed coverage with Neutral at $35 in July | StockAnalysis.com forecast and analyst ratings | July 28, 2026 |
| 2026 and 2027 consensus estimates | 2026 revenue estimate of $1.42 billion up 38%, 2027 revenue estimate of $1.81 billion, 2026 adjusted EPS of $0.28, and 2027 adjusted EPS of $1.10 | StockAnalysis.com forecast financial forecast | July 28, 2026 |
| 52-week range | $16.24 to $40.05 | StockAnalysis.com quote summary | August 3, 2026 |
| 52-week price change | -54.10% | StockAnalysis.com statistics | August 3, 2026 |
| Short interest | 14.08 million shares short, about 17.34% of shares outstanding, with a short ratio near 5.56 days to cover | StockAnalysis.com statistics short selling | August 3, 2026 |
| Technical snapshot | 5-day SMA near $18.95, 20-day SMA near $23.41, 50-day SMA near $27.95, 100-day SMA near $24.91, 200-day SMA near $24.54, 14-day RSI near 23.66, 9-day RSI near 16.52, 14-day ADX near 41.45, 14-day historical volatility near 73.45% | Barchart and StockAnalysis.com technical snapshots | August 3, 2026 |
| CEO transition | Ying Huang stepped down as CEO and as a member of the Board of Directors effective July 24, 2026, and will remain an advisor through August; Alan Bash, President of the CARVYKTI Business Unit, was appointed interim CEO and the Board started a permanent successor search | Legend Biotech CEO transition press release | July 27, 2026 |
| June 2026 public offering | Underwritten public offering of 7,700,000 ADSs, each representing two ordinary shares, priced at $29.35 per ADS with gross proceeds expected to be about $226 million, plus a 30-day option for up to 1,155,000 additional ADSs; the offering closed on June 23, 2026, and the stock fell 16.7% on June 18 on the pricing | Legend Biotech public offering pricing press release | June 18, 2026 |
| LB2501 in vivo CAR-T data | Legend announced clinical proof-of-concept for LB2501, an investigational in vivo CD19/CD20 dual-targeting CAR-T, on June 15, 2026, reporting 100% ORR and an 83.3% CR rate at dose level 2 after a single infusion in relapsed or refractory B-cell non-Hodgkin lymphoma in an ongoing Phase 1 study | Legend Biotech LB2501 press release | June 15, 2026 |
| Earnings date | Q2 2026 results scheduled for August 11, 2026, before market open, with an investor call the same day | StockAnalysis.com quote and Legend Biotech Q2 2026 call press release | July 28, 2026 |
This LEGN AI stock analysis is an informational research tool for education only. It is not investment advice, a recommendation, or a guarantee of future performance. Forecast ranges are scenarios based on available filings, quote snapshots, analyst estimates, and press releases as of the stated cutoff date, and they can be wrong. Biotech stocks carry elevated risk of binary outcomes, including sharp moves on clinical, regulatory, competitive, leadership, and financing news, that no scenario analysis can fully capture.
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