Shares of Legend Biotech (LEGN) plummeted 5.02% in Wednesday's trading session following multiple analyst price target cuts in response to the company's recent first-quarter results. The biotech firm, known for its cell therapy developments, faced a significant market reaction as investors digested the revised outlooks.
Truist Securities lowered its price target for Legend Biotech from $88 to $71, while RBC cut its target from $84 to $78. Despite these reductions, both firms maintained their Buy ratings on the stock, indicating continued confidence in the company's long-term prospects. The average price target now stands at $76.87, according to FactSet data, still suggesting potential upside from current levels.
The price target cuts appear to be driven by concerns stemming from Legend Biotech's Q1 performance, particularly regarding Carvykti, the company's flagship CAR-T cell therapy. However, the maintained Buy ratings suggest that analysts believe in the company's overall strategy and growth potential. As Legend Biotech continues to navigate the competitive landscape of cell therapy, investors will be closely watching for signs of improved performance in the coming quarters.
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