Why Legend Biotech's Shares Jumped 14.2% On Tuesday
Legend Biotech (NASDAQ: LEGN), a commercial-stage Chinese biotech company that specializes in oncology and cell therapies, saw its shares rise 14.2% on Tuesday. The stock closed on Monday at $40.20, then opened on Tuesday at $41.44. It rose to a high of $46.53 after lunch before closing at $45.91. With the rise, the stock is in the middle of its 52-week swing, with a 52-week low of $30.75 and a 52-week high of $57.67. So far this year, the stock is down 1.5% overall.
The stock jumped thanks to preliminary sales figures for multiple myeloma (a type of bone marrow cancer) therapy Carvykti (ciltacabtagene autoleucel; ciltacel), developed by Legend in collaboration with Janssen Biotech, a division of Johnson & Johnson. According to an SEC filing, Legend said that the drug generated $55 million in revenue in the third quarter, based on information given to the company by Janssen.
The CAR-T (chimeric antigen receptor T-cell) therapy was approved by the U.S. Food and Drug Administration to treat relapsed or refractory multiple myeloma patients in February.
Source Fool.com
