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 ...

Summary of Arcellx (NasdaqGS:ACLX) Update / Briefing Company Overview - Arcellx is focused on developing a new class of CAR T therapy, specifically targeting multiple myeloma, with a product named anito-cel [1][2][4] Industry Context - The discussion centers around the evolving landscape of multiple myeloma treatments, particularly the comparison between CAR T therapies and bispecific antibodies [2][9] Key Points and Arguments Efficacy and Safety of Anito-cel - Anito-cel has shown a 100% response rate in phase one studies, with a 79% stringent complete response (sCR) rate and a median progression-free survival (PFS) of 30.2 months [38] - The therapy is positioned as superior to bispecifics in terms of efficacy and safety, with lower rates of cytokine release syndrome (CRS) and immune effector cell-associated neurotoxicity (ICANS) [10][12][44] - Anito-cel demonstrated a 96% overall response rate and a 74% stringent sCR rate in a phase two study with a patient population that was heavily pre-treated [41][42] Market Potential - The company estimates a $12 billion market for second-line+ therapies and a $20+ billion market for frontline+ therapies, with conservative class share assumptions that allow for significant market opportunity even with competition from bispecifics [24][25] - The potential for anito-cel to redefine the CAR T category is emphasized, likening its impact to that of the iPhone in the smartphone market [19][22] Commercial Launch Strategy - Arcellx plans to launch anito-cel with a robust commercial strategy, including partnerships with Kite for manufacturing and distribution, aiming for a large footprint and rapid patient access [23][26][32] - The company has engaged 82% of account treatment centers (ATCs) pre-approval, indicating strong interest and readiness for launch [33] Clinical Trials and Future Studies - The iMMagine-3 trial is designed to include a real-world control arm and is enrolling rapidly, with expectations for significant data to support the therapy's efficacy in a broader patient population [17][30] - Future studies, including iMMagine-4 and iMMagine-5, are planned to further explore the therapy's potential in frontline settings and community practices [30][31] Additional Important Insights - The safety profile of anito-cel is highlighted as a key differentiator, with no reported cases of delayed neurotoxicity or secondary malignancies, which are common concerns with other CAR T therapies [46][48] - The discussion includes anecdotal evidence from physicians about the positive impact of anito-cel on patients' quality of life, emphasizing the therapy's potential to allow patients to return to normal activities [59][60] Conclusion - Arcellx is poised to make a significant impact in the treatment of multiple myeloma with anito-cel, which is believed to be a game-changer in terms of efficacy, safety, and market potential [34][35]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不 負 責，對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明，並 明 確 表 示，概 不 對 因 本 公 告 全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責 任。 Nanjing Leads Biolabs Co., Ltd. 南 京 維 立志博生物科技股份有限公司 （於 中 華 人 民 共 和 國 成 立 的 股 份 有 限 公 司） （股 份 代 號：9887） 自願公告 LBL-024於一線治療膽道癌II期試驗的首例患者用藥 本公告由 南京維立 志博生物科技股份有限公司（「本公司」，連 同 其 附 屬 公 司 統 稱「本集團」）自 願 作 出，以 告 知 本 公 司 股 東 及 潛 在 投 資 者 有 關 本 公 司 的 最 新 業 務 發 展 情 況。 本 公 司 欣 然 宣 布，評 價 奧 帕 替 蘇 米 單 抗（PD-L1/4-1BB雙特異性抗體LBL-024）用 於一線治療膽道癌的II期 臨 床 試 驗 首 例 患 者 已 成 功 用 藥，標 誌 著 該 核 心 產 品 適 應 症 拓 展 高 ...

Core Insights - The recent ASCO 2025 conference highlighted significant advancements in lung cancer treatment, particularly focusing on various clinical trials and innovative therapies such as immunotherapy, targeted therapy, and ADC drugs [1][2][3] Group 1: Lung Cancer Treatment Developments - The ASCO conference showcased multiple clinical trials related to lung cancer, including studies from Shanghai Chest Hospital and Sun Yat-sen University Cancer Center, emphasizing the competitive landscape in lung cancer therapies [1] - PD-(L)1 inhibitors have revolutionized lung cancer treatment, transitioning from monotherapy to combination therapies, which are expected to enhance patient survival rates [2][7] - The overall survival (OS) remains a critical metric in lung cancer research, with PD-(L)1 inhibitors demonstrating significant clinical benefits [3] Group 2: Market Dynamics - The PD-(L)1 market has shown a compound annual growth rate (CAGR) of 45% over the past five years, significantly outpacing the overall oncology drug market, which has a CAGR of 12.5% [4] - The global market for PD-(L)1 inhibitors is projected to reach $58 billion by 2025, despite a forecasted slowdown in growth rate to 15% [4] - The annual treatment cost for PD-(L)1 inhibitors in China has decreased from approximately 100,000 yuan in 2019 to between 30,000 to 50,000 yuan by 2024, indicating increased market competition [4] Group 3: Product Performance - Baiyue's Tislelizumab (替雷利珠单抗) achieved sales of 4.467 billion yuan in 2024, marking a 17.4% year-on-year increase, driven by new indications and increased patient demand [6] - Tislelizumab has been approved for 14 indications in China, with 13 included in the national medical insurance directory, making it the most covered PD-1 inhibitor [6][5] Group 4: Research and Innovation - Ongoing research into PD-(L)1 inhibitors includes exploring combination therapies and new treatment modalities, which are expected to drive future growth in the market [7][8] - The dual antibody market is anticipated to grow to $80.7 billion by 2030, with significant collaborations between multinational and local companies enhancing the development of new therapies [8]