1月6日，传奇生物(LEGN.US)股价在开盘5分钟内出现一波下探，虽然后续出现大幅反弹带动日内最高涨幅突破6%，但那波下探却将传奇生物在2026年的股 价最低点定格在了20.21美元。 如果以2025年7月23日盘中的45.29美元年内高点作为起点，传奇生物在5个半月时间内股价显然经历了一波"腰斩"，区间最大跌幅达到了55.38%。 传奇生物的如此表现显然让不少投资者"大跌眼镜"。毕竟在7月21日，也就是传奇生物股价达到2025年内高点的前2天，这家公司还登上了各大投行研报头 条。21位分析师中有20位给出"买入"评级，平均目标价76.42美元，较其7月18日收盘价股价41.59美元存在高达83.74%的上涨空间。 而如今，随着这家公司阶段性股价低点刷新，市场对于其的估值判断却到了之前未曾想过的一个十字路口：传奇生物是增长空间丧失还是黄金坑越挖越深? 从低位震荡到加速下跌 结合BOLL线回看传奇生物这段长达5个半月的股价跌幅区间，可以看到，在去年7月23日盘中触顶后，传奇生物便走出了一段持续14个交易日的快速下跌行 情，股价从BOLL线上轨快速跌至下轨。 这一段是属于较为典型的针对前期较大股价涨幅的技术性回 ...

Company Overview - Legend Biotech (NASDAQ:LEGN) is a commercial-stage biopharmaceutical company focused on developing innovative therapies for serious diseases, including hematologic malignancies and solid tumors [5]. Stock Performance and Analyst Ratings - As of December 19, Legend Biotech's stock has a consensus rating that remains bullish, with 10 out of 11 analysts assigning Buy ratings and 1 analyst assigning a Hold rating. There are no Sell ratings for the stock [2]. - The stock has an estimated 1-year average price target of $68.20, indicating a potential upside of 211% from current trading levels [2]. - Cantor Fitzgerald analyst Eric Schmidt reaffirmed an overweight stance on the stock, assigning a Buy rating with a target price of $74, suggesting a 238% upside potential at the current trading range [3]. Product and Market Insights - Management views CAR-T cell therapy, specifically Carvykti, as a unique cure for myeloma, supported by long-term survival benefit data. The increasing demand for myeloma treatment is expected to drive production scaling [4]. - The management's positive outlook on CAR-T therapy and the anticipated growth in demand are seen as factors that outweigh potential competitive threats in the market, strengthening the investment case for Legend Biotech [4].

医药周报 20251221 In Vivo CAR-T 国内外进展大 医药行情回顾&分析&近期判断 > 1) 行情回顾：当周（12.15-12.19）医药生物指数环比-0.14%，跑赢创业板指数和沪深 300 指数, 在所有行业中，当周（12.15-12.19）医药涨跌幅排在第 18 位, V 型走势。周度结构上看, 蚂蚁阿 福、"搞赏经济"主题等相关标的表现较好，周五表现更为强势，CXO、小核酸、部分创新药和 AI 创 新药相对较好。医药成交总额 3898.24 亿元，沪深总成交额为 86901.56 亿元，医药成交额占比沪深 总成交额比例为 4.49%（2013 年以来成交额均值为 7.12%）。 2）原因分析：医药近期暂未有较大的产业催化，板块贝塔效应不明显，但经过一段时间消化，很多 标的进入价值区间，或潜在具备一定的反攻可能，这期间结构性热度会逐步提升。本周蚂蚁阿福带 动相关个股演绎：一类是阿里的持股相关医药公司，一类阿福可能引流的公司（渠道如部分药店、 部分消费端器械、检测服务、药品等 ) ，一类是有数据沉淀未来潜在可能对标公司。全市场 "椅赏经 济"也影射了医药中部分公司，如部分药店。周五医药表现 ...

Core Insights - The health care sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Insmed Inc (NASDAQ:INSM) has an RSI value of 26.8, with a recent stock price of $198.46, and has experienced a 2% decline over the past month [7] - Tempus AI Inc (NASDAQ:TEM) also has an RSI value of 26.8, with shares closing at $64.62 after a 13% drop in the last five days [7] - Legend Biotech Corp (NASDAQ:LEGN) has the lowest RSI value at 19.1, with a stock price of $21.42, reflecting a 27% decrease over the past month [7]

Core Insights - The health care sector has several oversold stocks that present potential buying opportunities for undervalued companies [1] Group 1: Oversold Stocks - Insmed Inc (NASDAQ:INSM) has an RSI value of 26.8, with a recent stock price of $198.46, and has experienced a 2% decline over the past month [7] - Tempus AI Inc (NASDAQ:TEM) also has an RSI value of 26.8, with shares closing at $64.62 after a 13% drop in the last five days [7] - Legend Biotech Corp (NASDAQ:LEGN) has the lowest RSI value at 19.1, with a stock price of $21.42, reflecting a 27% decline over the past month [7]

Company Updates - Legend Biotech Corporation will present the latest company updates at the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, at 9:00 a.m. PT [1] - The live webcast of the presentation will be accessible through the Investor Relations section of Legend's website, with a replay available approximately 48 hours later [2] Company Overview - Legend Biotech is the largest standalone cell therapy company with over 2,900 employees and is a pioneer in cancer treatment innovations [3] - The company is leading the CAR-T cell therapy revolution with its product CARVYKTI, a one-time treatment for relapsed or refractory multiple myeloma, developed in collaboration with Johnson & Johnson [3] - Legend Biotech aims to maximize patient access and therapeutic potential of CARVYKTI while driving future innovations across its pipeline of advanced cell therapy modalities [3]

Core Insights - Legend Biotech Corp (NASDAQ:LEGN) is recognized as a strong investment opportunity by Wall Street analysts, with RBC Capital maintaining an Outperform rating and a price target of $74 [1][2]. Group 1: Company Performance - The company’s multiple myeloma treatment, CARVYKTI, has shown impressive efficacy, achieving over 50 months of median progression-free survival in patients, which is significantly better than competitors [2]. - Legend Biotech has treated over 9,000 patients globally with CARVYKTI, which is currently approved for adults with relapsed or refractory multiple myeloma [2][4]. - The company has demonstrated remarkable revenue growth of 74.75% over the past 12 months, indicating strong financial performance [3]. Group 2: Market Position and Future Prospects - RBC Capital believes that the current share price does not fully reflect the company's potential to maintain market share, supported by a robust pipeline of products [3]. - The firm anticipates that Legend Biotech will continue to experience strong growth and near-term profitability due to its successful product offerings and market strategies [3].

Core Insights - Legend Biotech Corporation announced long-term clinical data for CARVYKTI, showing a median progression-free survival (mPFS) of 50.4 months in triple-class-exposed relapsed/refractory multiple myeloma patients after a single infusion, marking one of the longest PFS outcomes for BCMA-targeted CAR-T therapy in this population [1][8][12] Group 1: Clinical Data and Efficacy - The CARTITUDE-1 and CARTITUDE-4 studies demonstrated that patients treated with CARVYKTI earlier in their treatment journey exhibited stronger immune fitness and a more immunocompetent tumor microenvironment, correlating with longer PFS [3][4][12] - At a median follow-up of 33.6 months, patients with standard-risk cytogenetics in the CARVYKTI arm achieved a 30-month PFS rate of 71.0%, compared to 43.2% in the standard-of-care arm [7][8] - Notably, all patients who achieved minimal residual disease (MRD)-negative complete response at 12 months following CARVYKTI infusion remained progression-free at 30 months [9] Group 2: Safety and Adverse Events - Among patients receiving CARVYKTI, cytokine release syndrome (CRS) occurred in 84% of cases, with a median time to onset of 7 days and resolution in 82% of patients [20][22] - Neurologic toxicities, including Immune Effector Cell-associated Neurotoxicity Syndrome (ICANS), occurred in 24% of patients, with a median time to onset of 10 days [25][28] - Hypogammaglobulinemia was reported in 36% of patients, with 93% experiencing laboratory IgG levels below 500 mg/dL after infusion [52][53] Group 3: Company Overview and Future Directions - Legend Biotech is a leader in cell therapy, particularly with CARVYKTI, which has been approved for treating relapsed or refractory multiple myeloma [64][65] - The company is focused on expanding patient access and therapeutic potential of CARVYKTI while driving innovation across its pipeline of cell therapy modalities [71]

Core Insights - Legend Biotech has been awarded the Foreign Investor of the Year at the 2025 Flanders International Business Awards, recognizing its significant contributions to the region's biotech sector [1][2] - The company has made a €165 million joint investment with Johnson & Johnson to expand its manufacturing facility in Ghent, enhancing its position as a major CAR-T manufacturing center in Europe [3][4] Company Growth and Operations - Since starting operations in Ghent in 2022, Legend Biotech's workforce has grown from 2 to over 1,000 employees, representing 66 nationalities, with plans for further hiring in the coming years [4] - The Ghent facility, along with the nearby Obelisc site, serves as the European hub for clinical and commercial supply of cell therapies across the EMEA region [3] Strategic Partnerships and Ecosystem - Legend Biotech's growth is closely linked to the strength of the Flemish biotech ecosystem, supported by partnerships with Flanders Investment & Trade (FIT) and collaborations with research institutions like VIB and Ghent University [5] - The company aims to leverage its leadership in CAR-T cell therapy to maximize patient access and drive future innovations in cell therapy modalities [6]

Investment Rating - The report maintains a "Buy" rating for Sands China (1928) with a target price of HKD 25.11, reflecting a potential upside of 27.9% from the current price [2][8]. Core Insights - Sands China's new promotional strategies are beginning to show results, with expectations for continued market share and EBITDA growth [5][7]. - The company reported a net revenue of USD 1.9 billion for Q3 2025, recovering to 90% of 2019 levels, with a year-on-year growth of 7.3% and a quarter-on-quarter growth of 6.1% [5]. - The adjusted EBITDA for Q3 2025 increased by 2.7% year-on-year and 6.2% quarter-on-quarter to USD 600 million, recovering to 80% of 2019 levels [5][7]. Summary by Sections Company Research - Sands China (1928) is rated "Buy" with a target price of HKD 25.11, reflecting a 12x EV/EBITDA for 2025 [2][8]. - The company’s market share in the gaming sector has rebounded to 25.4%, with a year-on-year increase of 0.5% and a quarter-on-quarter increase of 1.4% [5][7]. Financial Performance - Q3 2025 net profit increased by 1.5% year-on-year and 27.1% quarter-on-quarter to USD 270 million [5]. - The company holds approximately USD 1.13 billion in cash, with net debt reduced by USD 150 million to USD 5.79 billion [5][7]. Market Dynamics - The VIP segment saw a year-on-year decline of 16.3%, while the mass market segment grew by 12.1% year-on-year, indicating a shift in customer preferences [5][6]. - The company is benefiting from the full service of the Londoner project and new promotional strategies, which are expected to enhance market share and EBITDA further [7][8]. Other Key Points - The report highlights the importance of the new strategies and the expected growth in EBITDA to reach USD 2.7-2.8 billion in the short term [7]. - Sands China has repurchased USD 340 million worth of shares, increasing its ownership stake to 74.76% [7].