JNJ - Will This 2020 Biotech IPO Crush the Market This Year?
Cutting-edge pharma Legend Biotech (NASDAQ: LEGN) burst onto the scene at the 2017 American Society of Clinical Oncology (ASCO) meeting with fantastic early clinical trial results for its multiple myeloma treatment. Now, with even better data in hand after ASCO 2021, the company and its mega-cap partner, Johnson & Johnson (NYSE: JNJ) , are headed straight to the FDA. With a best-in-class treatment with multibillion-dollar potential on its hands, why is Legend so cheap?
The clinical-stage biotech is working on chimeric antigen receptor T-cell (CAR-T) therapies, in which the patient's own immune cells are extracted and tweaked to recognize certain cancer signatures. Those modified cells are then grown in large quantities and reinfused into the patient. If this sounds familiar to you, that might be because there are already a few approved CAR-T treatments out there for other blood cancers, such as Gilead Sciences ' (NASDAQ: GILD) Yescarta, as well as bluebird bio (NASDAQ: BLUE) and Bristol Myers Squibb 's (NYSE: BMY) Abecma.
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Will This 2020 Biotech IPO Crush the Market This Year?