2023-04-19 12:40:19 ET
Shares of Legend Biotech (NASDAQ: LEGN) surged by more than 20% on Wednesday morning after a data leak regarding one of its clinical trials. The abstract, obtained by drug industry trade publication Fierce Pharma, came from a new phase 3 CARTITUDE-4 trial. It showed that one infusion of multiple myeloma drug Carvykti, a chimeric antigen receptor T-cell (CAR-T) therapy from Legend and Johnson & Johnson subsidiary Janssen Biotech, cut the risk of death or tumor progression by 74% compared to the current standard of care in patients who had tried one to three lines of therapy.
As of 12:20 p.m. ET, the stock was still up by 15.7% on the day.
Legend also revealed in an SEC filing that Carvykti generated first-quarter sales of about $72 million, based on information it was provided by Janssen Biotech. That's a big jump from the $48.2 million in product sales that Legend got last year as part of its collaboration agreement with Janssen.
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Why Shares of Legend Biotech Jumped Wednesday