Is Rising Carvykti Competition Quietly Rewriting Legend Biotech’s (LEGN) Long-Term Oncology Narrative?

• In recent days, analysts, including Morgan Stanley and RBC Capital, have reassessed Legend Biotech’s outlook in light of updated multiple myeloma data, keeping positive ratings while trimming expectations.
• A key focus has been whether competitive pressure meaningfully threatens Carvykti’s position, even as long-term efficacy data continue to support its clinical strength and expansion potential.
• We’ll now examine how concerns about rising competition for Carvykti and its enduring efficacy profile may reshape Legend Biotech’s investment narrative.

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Legend Biotech Investment Narrative Recap

To own Legend Biotech, you need to believe Carvykti can remain a leading multiple myeloma therapy while the company steadily reduces losses and broadens its pipeline. The recent analyst target cuts mainly reflect shifting expectations rather than new operational setbacks, and do not appear to materially change the near term focus on Carvykti’s competitive position as the key catalyst, or on concentration and competition risk as the primary concern.

The most directly relevant recent development is RBC Capital’s reiteration of its Outperform rating and US$74 target after updated Carvykti data showed over 50 months of median progression free survival. That clinical durability is central to the bullish thesis on Legend, especially as investors weigh fresh concerns about competing therapies and what they could mean for Carvykti’s future share of the multiple myeloma market.

Yet beneath the strong efficacy story, investors also need to consider how rising next generation competition could affect Carvykti’s long term revenue concentration risk...

Read the full narrative on Legend Biotech (it's free!)

Legend Biotech's narrative projects $2.3 billion revenue and $632.7 million earnings by 2028.

Uncover how Legend Biotech's forecasts yield a $74.51 fair value, a 234% upside to its current price.

Exploring Other Perspectives

Six members of the Simply Wall St Community see Legend’s fair value between US$40.82 and US$174.63, underlining how far opinions can spread. Against that, the heavy reliance on a single product like Carvykti raises questions about how different outcomes for one therapy could influence the whole business, so it is worth exploring several of these viewpoints before deciding how you see the story.

Explore 6 other fair value estimates on Legend Biotech - why the stock might be worth just $40.82!

Build Your Own Legend Biotech Narrative

Disagree with existing narratives? Create your own in under 3 minutes - extraordinary investment returns rarely come from following the herd.

• A great starting point for your Legend Biotech research is our analysis highlighting 4 key rewards that could impact your investment decision.
• Our free Legend Biotech research report provides a comprehensive fundamental analysis summarized in a single visual - the Snowflake - making it easy to evaluate Legend Biotech's overall financial health at a glance.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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