Rothschild Redburn announced a downgrade for Legend Biotech Corp. (NASDAQ:LEGN), moving its recommendation from Buy to Neutral and dropping its price target to $24.00 from $83.00. The change follows observations made around the ASH 2025 conference, where the research house flagged intensifying competition for Carvykti, Legend’s sole marketed therapy for multiple myeloma.
The stock was trading at $18.54 at the time of the report. That price represents an 11% rebound over the last week, despite a near 50% decline during the prior six months.
Rothschild Redburn pointed to findings from its proprietary survey as central to its revised outlook. The survey indicated meaningful physician interest in adopting bispecific-based therapies earlier in treatment lines for multiple myeloma, a dynamic the research house said could erode Carvykti’s market position across multiple settings.
As a result of these competitive concerns, Rothschild Redburn substantially lowered its global peak sales projection for Carvykti to approximately $6 billion, down from about $10 billion previously. The firm noted that this updated peak sales estimate sits roughly 16% beneath consensus expectations.
Analyst Qize Ding at Rothschild Redburn attributed the rating change and the steep reduction in the price target primarily to the altered view on Carvykti’s competitiveness.
Legend Biotech’s recent reported performance also factored into analyst activity across the sector. The company disclosed fourth-quarter 2025 net trade sales for CARVYKTI of $555 million, which missed the consensus estimate of $582 million. The sales shortfall prompted at least three notable analyst responses.
- H.C. Wainwright lowered its price target for Legend Biotech from $60.00 to $50.00 but retained a Buy rating.
- TD Cowen moved its recommendation from Buy to Hold and reduced its price target substantially, from $62.00 to $21.00, citing the sales miss.
- Raymond James maintained an Outperform rating with a $86.00 price target, pointing to regulatory developments - specifically an FDA draft guidance that supports accelerated approval endpoints for multiple myeloma therapies - which the firm said could favor Legend’s Phase 3 CARTITUDE-6 trial and potentially accelerate approval timelines.
Deutsche Bank likewise kept a Buy rating and a $60.00 price target, highlighting upcoming clinical catalysts as positive milestones to watch, including the expected release of first patient data for an in-vivo CAR T program by the end of 2026.
The cluster of analyst moves illustrates a mixed response to recent data and competitive signals: several firms pared estimates or lowered targets in response to the sales miss and competitive survey findings, while others retained more optimistic stances tied to regulatory guidance and pending clinical readouts.