Morgan Stanley Increases Price Target for Legend Biotech to $81

Morgan Stanley has raised its price target for Legend Biotech to $81, maintaining an Overweight rating. Despite challenging macroeconomic conditions and uncertainty in the industry, large-cap biotech firms like Legend Biotech have not performed as strongly this year. Analysts forecast an average target price of $76.37 with a high estimate of $94.00 and a low estimate of $53.12, indicating a 93.56% upside from the current price.

Morgan Stanley has raised its price target for Legend Biotech (LEGN) to $81, maintaining an Overweight rating. Despite challenging macroeconomic conditions and uncertainty in the industry, large-cap biotech firms like Legend Biotech have not performed as strongly this year. Analysts forecast an average target price of $76.37 with a high estimate of $94.00 and a low estimate of $53.12, indicating a 93.56% upside from the current price.

According to Morgan Stanley, the firm's price target was increased from $80 to $81. The analyst noted that while large-cap pharma and biotech companies have underperformed this year due to macroeconomic factors, the industry remains promising. The analyst highlighted the potential of Legend Biotech's pipeline and its ability to navigate policy uncertainties, such as drug pricing dynamics, tariff and transfer pricing exposure, and FDA staffing changes [1].

Legend Biotech is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of transformative cell therapies for the treatment of cancer. The company specializes in chimeric antigen receptor T-cell (CAR-T) therapies, with a lead product that has demonstrated significant clinical activity in patients with relapsed or refractory multiple myeloma. Legend Biotech operates a vertically integrated business model, encompassing research laboratories, process development centers, and commercial manufacturing facilities [3].

Despite the challenging market conditions, analysts remain bullish on Legend Biotech. On July 2, analyst Mitchell Kapoor from H.C. Wainwright reiterated a Buy rating on Legend Biotech with a $75.00 price target. The analyst highlighted the company’s promising outlook, supported by its CARVYKTI. The FDA approval of a supplemental BLA for CARVYKTI, which eliminates the need for a risk evaluation and mitigation strategy, is expected to expedite the launch of CARVYKTI in the US market [4].

Legend Biotech's strong pipeline and strategic partnerships position it well to capitalize on the growing demand for innovative cancer treatments. The company continues to expand its pipeline beyond multiple myeloma, with early-stage programs targeting other hematologic and solid tumors. This diversification strategy, along with its allogeneic approaches, aims to broaden patient access and streamline treatment delivery [3].

References:
[1] https://www.tipranks.com/news/the-fly/legend-biotech-price-target-raised-to-81-from-80-at-morgan-stanley-thefly
[2] https://www.marketwatch.com/investing/stock/apge
[3] https://www.marketbeat.com/earnings/reports/2025-8-8-legend-biotech-co-stock/
[4] https://finance.yahoo.com/news/h-c-wainwright-maintains-buy-081534513.html