Legend Biotech confirmed the leaked results of a highly anticipated multiple myeloma study on Friday, leading LEGN stock to surge to a profit-taking range.
A single dose of Legend's Johnson & Johnson-partnered cancer drug Carvykti reduced the risk of relapse or death in multiple myeloma patients by 74%, the company confirmed in a Securities and Exchange Commission filing on Friday. The Phase 3 study called Cartitude-4 was conducted in patients who previously worsened while undergoing one to three prior treatments.
On today's stock market, LEGN stock soared 9.3% to close at 69.70. Shares initially broke out on the accidental release Wednesday, MarketSmith.com shows. On Friday, LEGN stock traded in a profit-taking zone, well above a cup base buy point at 57.82. J&J stock slipped 0.5% to 162.69.
LEGN Stock: Carvykti Outperforms
Overall, 208 patients received Carvykti and 211 received standard drugs. Across the board, the Carvykti group had significantly better outcomes than those given standard drugs. Carvykti showed a positive trend toward improving overall survival, which accounts for patient deaths for any reason.
Nearly every patient had side effects across both groups. In the Carvykti group, 39 patients died vs. 46 of those who received the standard treatments.
Importantly, Legend noted it didn't run into any manufacturing problems. The results buoyed LEGN stock, which has a strong IBD Digital Relative Strength Rating of 95, a 1-99 score of a stock's 12-month performance.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
