New York, May 31, 2026, 13:01 EDT
Legend Biotech shares are on a four-day losing streak on Nasdaq as the new week begins. Investors are watching for a Sunday evening cancer conference event that could be key for the stock’s direction.
Legend Biotech shares Friday at $27.16, losing 3.89% on the session. The stock is now trading about 7.5% lower than the previous Friday’s close of $29.37. U.S. markets saw a shortened week due to the Memorial Day holiday. Nasdaq is closed Sundays and trades Monday to Friday, 9:30 a.m. to 4 p.m. ET.
Legend is set to hold an investor event later Sunday during the American Society of Clinical Oncology meeting in Chicago. According to a filing, the company plans to talk about CARVYKTI, its multiple myeloma therapy, and share updates, including early Phase 1 data for LB2102. That’s Legend’s experimental DLL3-targeted CAR-T therapy for small-cell lung cancer and large-cell neuroendocrine carcinoma. CAR-T uses engineered immune cells to fight cancer.
ASCO’s annual meeting goes from May 29 to June 2. Most abstracts for the meeting came out May 21, so specialists have already seen much of the data. Still, the company’s investor session set for Sunday could move the stock on Monday. Phase 1 is an early study in people, mainly to look at safety and dose.
Legend CEO Ying Huang called ASCO an “important forum” for the company. Huang said the LB2102 data showed “early evidence of clinical activity,” as Legend works to expand CAR-T to solid tumors after its use in blood cancers. GlobeNewswire
Legend’s shares stayed under pressure, despite the company saying earlier this month that CARVYKTI net trade sales climbed 62% on the year to about $597 million for the first quarter. Legend added CARVYKTI is now sold in 18 global markets, and it finished March with $834.6 million in cash, cash equivalents and time deposits.
During the company’s May earnings call, Huang called ordering “quite strong” and said the second-line market was “not a zero-sum game.” Alan Bash, who heads CARVYKTI commercial operations, said Legend was still seeing “strong order flow.” That includes demand for earlier-line use—patients with fewer prior treatments. The Motley Fool
The field is moving fast. Johnson & Johnson is partnered with Legend on CARVYKTI. In February, Gilead Sciences made a deal to buy Arcellx for as much as $7.8 billion, picking up rights to anito-cel, an experimental CAR-T for multiple myeloma now under review by U.S. regulators. RBC Capital Markets analyst Brian Abrahams told Reuters that safety for anito-cel might be better than CARVYKTI, the current market leader.
Bristol Myers Squibb turned up the heat in the myeloma space last week, reporting its experimental oral drug mezigdomide cut the risk of disease progression or death by 52% in a late-stage study. “Remarkable,” Chief Medical Officer Cristian Massacesi said of the benefit. Mezigdomide is not a CAR-T therapy and works through a different route. Reuters
The risk is on the table. If the LB2102 update disappoints, investors shrug off Sunday’s event, manufacturing hits a snag, or new CARVYKTI safety worries show up, shares could fall. CARVYKTI picked up the FDA’s toughest warning last year over IEC-EC, a rare but sometimes deadly gut inflammation, though the agency said benefits still beat the risks for approved patients.
ASCO keeps the week tight but key. Monday’s open is the first market read on Sunday’s investor event. Focus stays on Legend and whether CARVYKTI growth and fresh pipeline results can make up for rivals and ongoing safety worries as ASCO rolls on.
