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 ...

Core Viewpoint - Wells Fargo has initiated coverage and assigned an "overweight" rating to Arcellx (ACLX.US), predicting that its experimental CAR-T therapy "anito-cel" will significantly reshape the treatment landscape for multiple myeloma, with a target price of $100, indicating a potential upside of 53% from the current price [1] Group 1: Company Overview - Arcellx is a clinical-stage biotechnology company focused on developing cell therapy products for cancer and certain autoimmune conditions using its proprietary D-Domain technology platform [4] - The company is a key player in the cell therapy space, but its commercial expansion heavily relies on the potential approval and market launch of its innovative drug pipeline, particularly the core product anito-cel [4] Group 2: Product Insights - Anito-cel is an autologous CAR-T cell therapy targeting BCMA for relapsed/refractory multiple myeloma, developed in collaboration with Kite Pharma, a subsidiary of Gilead Sciences [4][5] - The therapy is expected to gain significant market share in the 4L+ BCMA CAR-T market due to its attractive efficacy and safety profile compared to currently approved competitors [2] - Analysts predict peak sales for anito-cel could reach $1.6 billion in the fourth-line setting, with approximately $690 million attributed to Arcellx, and potentially $3.8 billion after gaining second-line approval, with around $1.5 billion for Arcellx [2] Group 3: Market Dynamics - Despite strong recent clinical trial data from Johnson & Johnson's Tecvayli and Darzalex for multiple myeloma, approximately 30% of patients show extreme resistance to Darzalex, making them ineligible for the Tec-Dara combination therapy [3] - If anito-cel is approved as anticipated in 2026 and leverages its efficacy and safety advantages, it could alter the ranking and market share distribution of BCMA-targeted therapies in the later treatment lines [6]

Core Viewpoint - Wells Fargo initiates coverage and assigns an "overweight" rating to Arcellx (ACLX.US), highlighting its experimental CAR-T therapy "anito-cel" as a potential cornerstone in the management of multiple myeloma, which could significantly reshape treatment paradigms [1][4] Group 1: Company Overview - Arcellx is a clinical-stage biotechnology company focused on developing cell therapy products for cancer and certain autoimmune conditions using its proprietary D-Domain technology platform [3] - The company is collaborating with Kite Pharma, a subsidiary of Gilead Sciences (GILD.US), for the development and commercialization of anito-cel [2][3] Group 2: Product Potential - Anito-cel is a BCMA-targeted autologous CAR-T cell therapy designed for relapsed/refractory multiple myeloma, with expectations for significant market share in the 4L+ BCMA CAR-T market due to its attractive efficacy and safety profile compared to existing approved products [1][2][4] - Analysts project peak sales for anito-cel in the fourth-line setting could reach $1.6 billion, with approximately $690 million attributed to Arcellx, and potentially $3.8 billion after gaining second-line approval, with around $1.5 billion for Arcellx [2] Group 3: Market Impact - The anticipated approval of anito-cel in 2026 could lead to rapid market penetration, fundamentally altering the competitive landscape for BCMA-targeted therapies in multiple myeloma [5] - Despite strong recent clinical trial data from Johnson & Johnson's (JNJ.US) Tecvayli and Darzalex, approximately 30% of patients show extreme resistance to Darzalex, which may limit its effectiveness in certain treatment scenarios [2]

锋寻生物CEO施凯凯在接受记者采访时透露，基于该技术平台，公司针对血液瘤的候选药物GI-001将于 近期启动首次人体临床试验(IIT)，预计在2026年第二、三季度读出首批临床数据。临床前数据显示，该 产品在肿瘤清除能力和安全性上均表现出显著优势。 资料显示，CAR-T疗法虽在血液瘤治疗领域疗效卓著，但商业化路径长期受制于复杂的生产工艺。传 统"体外制备"模式需提取患者细胞、体外扩增后再回输，周期长达2至4周，单次费用往往突破百万元。 高昂的成本与漫长的等待期，导致大量患者因支付能力不足或窗口期病情恶化而错失治疗良机。 据介绍，该技术路线无需将患者细胞取出体外，而是通过单次静脉注射病毒载体，直接在患者体内完成 T细胞的基因改造与激活。这一变革将过去耗时数周的体外生产环节压缩为一次30分钟内的静脉输注， 并有望实现药物的标准化生产。这意味着，治疗成本或将大幅降低，且能做到"即时可用"，极大地提升 了药物的可及性。 记者近日从南通锋寻生物科技有限公司(以下简称"锋寻生物")获悉，其自主开发的多维度优化体内CAR- T技术平台已取得关键突破，展现出一定的产业化前景。据悉，该技术有望打破传统CAR-T疗法"制备 难、 ...

Shares of Cellectis S.A. (NASDAQ:CLLS) tanked on Tuesday after Allogene Therapeutics Inc. (NASDAQ:ALLO) cited a favorable arbitration outcome for partner Servier in its dispute with Cellectis related to the CAR-T therapy cemacabtagene ansegedleucel (cema-cel).The win reconfirmed Allogene’s full development and commercial control of cema-cel in the U.S., the EU and the U.K., while clearing the path to obtain full global commercialization rights from Servier.Also Read: Why Cellectis Stock Is Trading Higher To ...

Core Insights - Morgan Stanley highlights Johnson & Johnson's (JNJ.US) recent clinical data presented at the American Society of Hematology (ASH) annual meeting, particularly the promising results of the Tecvayli and Darzalex combination therapy (Tec-Dara) for relapsed/refractory multiple myeloma (RRMM) in the phase III trial (MajesTEC-3) [1] Group 1: Clinical Trial Results - The MajesTEC-3 trial included 587 patients, showing that the Tec-Dara combination significantly outperformed the control group (DPd/DVd regimen) in key efficacy metrics [1] - The combination therapy also reduced the risk of patient mortality and extended treatment duration, benefiting even those previously treated with anti-CD38 therapy [1] Group 2: Safety Profile - The incidence of grade 3/4 treatment-related adverse events for the Tec-Dara combination was similar to the control group, with low treatment discontinuation rates [2] - Although the combination had a higher infection rate initially, the introduction of an immunoglobulin prophylaxis regimen in February 2023 led to a significant decrease in grade 3 and above infection rates after six months, with only one case of fatal infection reported [2] - The incidence of cytokine release syndrome was 60.1%, while immune effector cell-associated neurotoxicity syndrome occurred in only 1.0% of patients [2] Group 3: Market Potential - Morgan Stanley predicts that Tecvayli's global sales will grow from $1 billion in 2026 to $9.3 billion by 2033, with its efficacy being competitive against Legend Biotech's and Johnson & Johnson's BCMA CAR-T therapy, Carvykti [2] - Darzalex, expected to generate $14 billion in annual sales, has established a strong position in frontline treatment, with approximately 76% of U.S. patients remaining sensitive to it after their first relapse, laying a foundation for Tec-Dara's advancement in treatment lines [2] Group 4: New CAR-T Therapy - Morgan Stanley also mentioned Johnson & Johnson's collaboration with Kelonia on a new CAR-T therapy, KLN-1010, which uses a lentiviral vector for delivery without preconditioning, potentially reducing logistical burdens and production costs [3] - In a preliminary phase I trial involving four patients who had undergone at least three lines of treatment, all achieved minimal residual disease negativity, with one case of complete response and three cases of partial response, demonstrating good safety without neurotoxic side effects [3] - If subsequent trials are successful, KLN-1010 could become a new treatment option for multiple myeloma, further strengthening Johnson & Johnson's leadership in this field and posing long-term competitive pressure on existing BCMA CAR-T therapies [3]

来源：中新经纬 作者：李自曼 7日，新版国家医保药品目录及首版商保创新药目录(下称商保创新药目录)正式发布。其中，5款CAR-T 产品纳入商保创新药目录，成为业内关注的焦点。 公开信息显示，中国已上市的CAR-T产品价格普遍在百万元左右，被纳入商保目录后，患者能省多少 钱？ 例如，多地惠民保产品覆盖CAR-T用药责任，如龙江惠民保2026版、淄博齐惠保2026、镇江惠民保 2026；不少高端医疗险和特药险，也将CAR-T疗法包含在保障范围内，例如，友邦智选逸生医疗保险； 一些百万医疗险也包含CAR-T相关的特药保障责任，例如众安尊享e生2025版、人保寿险金医保3号等。 今年2月，中再寿险、镁信健康与波士顿咨询公司联合发布的《中国创新药械多元支付白皮书(2025)》 (下称白皮书)显示，据统计，截至2024年12月，奕凯达®已被80余款商业医疗险产品纳入；倍诺达®已 被70余款商业医疗险产品纳入。同样，惠民保也以特药责任或单独的CAR-T责任为其提供保障。据统 计，目前超过60%的惠民保项目提供了CAR-T保障。 此前有患者报销80多万元医疗费 公开信息显示，CAR-T(嵌合抗原受体T细胞)是通过基因修饰使T ...

Core Viewpoint - Kingsray Biotechnology (01548) experienced a significant decline of over 11%, trading at HKD 13.41 with a transaction volume of HKD 307 million, following a drop in the stock price of its affiliate Legend Biotech by over 7% [1] Group 1: Company Performance - Legend Biotech reported a total sales revenue of USD 1.332 billion for the first three quarters, with Q3 sales reaching USD 524 million [1] - The net loss for Legend Biotech in the first three quarters was USD 266 million, with a Q3 net loss of USD 40 million, indicating a substantial reduction in losses year-on-year and quarter-on-quarter [1] - Huatai Securities previously noted that Legend Biotech's losses are narrowing and the group's strategic vision is clear, suggesting a positive outlook for Kingsray Biotechnology's various business segments to achieve orderly profit growth and turnaround [1] Group 2: Clinical Data and Market Impact - Gilead Sciences' Kite Pharma presented new clinical data for its next-generation CAR-T therapy, anito-cel, at the 2025 American Society of Hematology (ASH) annual meeting, showing a total response rate of 96% and a complete response rate of 74%, while maintaining excellent safety [1]

Core Viewpoint - Kingsoft Biotech (01548) experienced a significant decline of over 11%, trading at HKD 13.41 with a transaction volume of HKD 307 million, following a drop in the stock price of its affiliate Legend Biotech by over 7% [1] Group 1: Company Performance - Legend Biotech reported a narrowed loss, with a clear growth blueprint, achieving sales of USD 1.332 billion for the first three quarters, including USD 524 million in Q3 [1] - The net loss for Legend Biotech in the first three quarters was USD 266 million, with a Q3 net loss of USD 40 million, showing significant year-on-year and quarter-on-quarter improvement [1] Group 2: Clinical Data and Market Impact - Gilead Sciences' Kite Pharma presented new clinical data for the next-generation CAR-T therapy anito-cel at the 2025 American Society of Hematology (ASH) annual meeting, demonstrating a total response rate of 96% and a complete response rate of 74%, while maintaining excellent safety [1] - The positive clinical results for anito-cel may impact the market perception of Kingsoft Biotech and its affiliate, as they compete in the CAR-T therapy space [1]

本报讯 （记者金婉霞）近日，科济药业控股有限公司（以下简称"科济药业"）在第67届美国血液学会 （"ASH"）年会进行壁报展示了CT0596在复发/难治性多发性骨髓瘤患者中的首次人体研究数据。根据 最新的临床试验（NCT06718270）数据显示，由科济药业研发的三基因编辑通用型靶向BCMA的CAR-T 产品CT0596在早期临床试验中表现优异，不仅展现出强劲的抗肿瘤活性，更呈现出良好的安全可控 性，为深陷治疗困境的骨髓瘤患者带来了新的曙光。 截至2025年8月31日的评估数据显示，CT0596的疗效令人振奋：总体缓解率高：在8例可评估患者中， 有6例达到了部分缓解（PR）及以上疗效；深度缓解潜力显著：在接受全剂量清淋预处理的6例患者 中，有5例达到PR及以上，且这6例患者全部在治疗第4周达到了微小残留病（MRD）阴性。MRD阴性 是目前多发性骨髓瘤治疗中极为重要的预后指标，通常意味着更深的缓解程度和更长的生存获益；完全 缓解案例：共有3例患者达到严格意义的完全缓解（sCR），其中01号患者疗效持续稳定，截至第8个月 仍维持sCR且MRD阴性。所有8例患者均出现CAR-T细胞扩增，且疗效不受基线NK细胞NKG ...