US Stock Movement: Legend Biotech plunges on November 12 as Q3 earnings miss expectations, core product sales slow down, and multiple institutions lower their target prices

Legend Biotech November 12 Major Drop Analysis

Keywords: Q3 earnings below expectations, core product sales slow down, multiple institutions lower target price

1. Legend Biotech released its Q3 2026 financial report on November 10, with a GAAP loss per share of $0.13, $0.14 lower than analysts’ expectations. Revenue was $359.5 million, up 32% year-on-year, but below the consensus estimate.

2. During the earnings call on November 10, management stated that CARVYKTI's share in frontline treatment in the US is growing slower than expected, overseas launch timing has been delayed, and the 2027 global sales growth guidance is double-digit, lower than the market’s optimistic scenario.

3. Morgan Stanley lowered its target price from $49 to $43 on November 11, Oppenheimer reduced its target from $40 to $25, RBC Capital Markets lowered its target from $56 to $50, and Barclays cut its target to $61.

4. On November 12, a Chinese media outlet published an article claiming that the world's best-selling CAR-T therapy is approaching a sales ceiling, raising concerns about the growth potential of core products.

(Disclaimer: This content is collected and summarized by AI technology from public information and is for reference only. It does not constitute investment advice.)