Shares of Legend Biotech (NASDAQ:LEGN) soared, while its partner Johnson & Johnson (NYSE:JNJ) notched up in Wednesday’s trading. This can be attributable to leaked study results that demonstrated Carvykti CAR-T cell therapy significantly reduced relapse risk in multiple myeloma patients, a form of bone marrow cancer.
The leaked results from the Phase 3 CARTITUDE-4 trial revealed that the BCMA-directed CAR-T therapy, also known as cilta-cel, lowered the risk of relapse by 74% compared to standard treatment for multiple myeloma patients. The impressive results have led doctors to consider using Carvykti as an earlier treatment option, pending regulatory approval, as reported by Stat News citing the leaked findings.
Overall, Wall Street analysts have consensus price targets of $62.37 and $162.50 on LEGN and JNJ stocks, respectively. This implies upside potential of 15.97% and 10.2%, as indicated by the graphic above.