2024-03-15 06:15:42 ET
Summary
- Legend Biotech's share price is little changed despite concerns raised by the FDA in AdCom briefing documents.
- The increased rate of early deaths in the CARTITUDE-4 trial could reduce the use of Carvykti in later lines of multiple myeloma.
- Carved out data in earlier lines of multiple myeloma point to much lower potential in earlier lines of multiple myeloma.
- With these new data in mind, Legend Biotech no longer appears like an attractive investment opportunity.
When I first saw the AdCom briefing documents for Legend Biotech’s ( LEGN ) and Johnson & Johnson’s ( JNJ ) Carvykti, I thought the stock would surely plunge. But that is not what happened and there was only a slight dip followed by a recovery to recent highs....
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Legend Biotech: AdCom Documents Shed Light On Carvykti's Problems (Downgrade)