Legend Biotech Upgraded to Strong Buy at Truist Financial

Analysts see growth potential for the biotech firm's lead CAR-T therapy for multiple myeloma.

Mar. 13, 2026 at 4:40pm

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Truist Financial has upgraded shares of Legend Biotech (NASDAQ:LEGN) from a hold rating to a strong-buy rating, citing the growth potential of the company's lead asset, the BCMA-directed CAR-T therapy Carvykti, for the treatment of relapsed or refractory multiple myeloma. The upgrade comes as several other analysts have maintained buy or outperform ratings on Legend Biotech, though one firm downgraded the stock to neutral.

Why it matters

Legend Biotech is a commercial-stage biotech company focused on developing innovative cellular therapies, particularly its lead CAR-T product Carvykti. The Truist upgrade signals increased confidence in the commercial prospects for Carvykti, which could provide a significant revenue stream for the company as it continues advancing its pipeline.

The details

In its research note, Truist Financial cited the potential for Carvykti to drive growth at Legend Biotech. Several other analysts have also maintained buy or outperform ratings on the stock, though Rothschild & Co Redburn downgraded Legend Biotech to neutral and lowered its price target. Legend Biotech reported positive Q4 2025 earnings, with revenue up 64.2% year-over-year, though the company posted a net loss for the quarter.

  • Legend Biotech reported Q4 2025 earnings on March 10, 2026.
  • Truist Financial upgraded Legend Biotech to strong buy on March 13, 2026.

The players

Legend Biotech

A commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology, headquartered in Somerset, New Jersey.

Truist Financial

A financial services company that provides banking, investing, and mortgage products and services.

Janssen Biotech

A subsidiary of Johnson & Johnson that is a strategic collaboration partner of Legend Biotech.

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What they’re saying

“We must not let individuals continue to damage private property in San Francisco.”

— Robert Jenkins, San Francisco resident (San Francisco Chronicle)

The takeaway

The Truist Financial upgrade highlights the growth potential of Legend Biotech's lead CAR-T therapy Carvykti, which could provide a significant revenue stream for the company as it continues to advance its pipeline of innovative cellular therapies.