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Morgan Stanley Cuts Legend Biotech Price Target
Analysts lower target to $49 amid mixed outlook for biotech firm's lead cancer drug
Mar. 14, 2026 at 8:54am
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Legend Biotech (NASDAQ:LEGN), a commercial-stage biopharmaceutical company focused on developing chimeric antigen receptor T-cell (CAR-T) therapies, had its price target cut by Morgan Stanley from $50.00 to $49.00. The investment bank maintained an 'overweight' rating on the stock, citing a mixed outlook for the company's lead asset, Carvykti, a BCMA-directed CAR-T therapy for relapsed or refractory multiple myeloma.
Why it matters
Legend Biotech is a closely watched biotech firm due to the potential of its lead CAR-T therapy, Carvykti, which is approved for treating a difficult-to-treat blood cancer. The price target cut by a major investment bank like Morgan Stanley reflects ongoing uncertainty around the drug's commercial prospects and the competitive landscape in the multiple myeloma treatment market.
The details
In its research report, Morgan Stanley cited a number of factors behind the price target reduction, including mixed clinical data for Carvykti and increased competition from other approved and pipeline therapies targeting BCMA, a key antigen expressed on multiple myeloma cells. The investment bank maintained an 'overweight' rating, suggesting it still sees upside potential for Legend Biotech's shares despite the more cautious outlook.
- Morgan Stanley issued the updated price target and research report on March 14, 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, with a focus on its lead asset Carvykti for relapsed or refractory multiple myeloma.
Morgan Stanley
A multinational investment bank and financial services company that provides a variety of investment banking, securities, wealth management and investment management services.
The takeaway
The price target cut by Morgan Stanley reflects ongoing uncertainty around the commercial prospects for Legend Biotech's lead CAR-T therapy, Carvykti, as it faces increasing competition in the multiple myeloma treatment landscape. However, the bank's 'overweight' rating suggests it still sees upside potential for the biotech firm's shares despite the more cautious outlook.
