New York, June 2, 2026, 13:09 EDT
Legend Biotech shares jumped over 35% midday Tuesday in New York after the company released early data on a new blood-cancer drug that attempts to generate cancer-fighting immune cells inside patients. The stock was last at $34.48, close to its session peak of $35.33, with trading volume well above normal.
LB2501 is being watched because it’s an “in vivo” CAR-T treatment. CAR-T—chimeric antigen receptor T-cell—typically requires removing immune cells, changing them outside the body, then returning them to fight cancer. Here the work is done inside the patient, or in vivo.
Legend said all six patients in the high-dose arm of its ongoing Phase 1 trial for relapsed or refractory B-cell non-Hodgkin lymphoma responded to LB2501. Five of the six had a complete response, the company said, and none of the patients have relapsed as of the April 1 data cutoff. Median follow-up in this cohort was 2.2 months.
Legend Biotech said it has treated 12 patients so far, split between two dose groups. The company reported no dose-limiting toxicities, no serious adverse events, no deaths, and no cases of ICANS. Cytokine release syndrome showed up in about two-thirds of patients, all Grade 2 or below, according to the company.
Biotech was weak. The iShares Nasdaq Biotechnology ETF traded lower, off about 3% at $164.23. Tuesday’s rally was about a few stocks, not the sector.
Oppenheimer’s Kostas Biliouris said the data showed a “potentially best-in-class profile” for in vivo CAR-T and a “best-in-disease” showing in NHL, according to Reuters. Biliouris added the result makes a Legend acquisition more likely. Reuters
Legend CEO Ying Huang said the results are “an important step in advancing in vivo CAR-T approaches.” Huang said making CAR-T cells inside the patient could “simplify treatment delivery and expand access” for patients who can’t get standard CAR-T. Legend Biotech
Legend Biotech reported new data from ASCO on Monday, saying its LB2102 therapy in solid tumors reached an objective response rate of 28.6% and a disease control rate of 78.6% at higher doses. Objective response rate is the portion of patients whose tumors shrink or go away.
Zhonglin Hao, professor at the University of Kentucky Markey Cancer Center, said choices are still “very limited” and outcomes poor for patients with relapsed or refractory small cell lung cancer or large-cell neuroendocrine carcinoma. Hao said results from LB2102 back more trials of CAR-T for solid tumors. Legend Biotech
Carvykti is still Legend’s main commercial product, the multiple myeloma CAR-T therapy it co-develops and sells with Johnson & Johnson. In May, Legend reported Carvykti net trade sales jumped 62% year over year to roughly $597 million for the first quarter. The drug was available in 18 global markets.
The company is joining a busy cell-therapy space with big potential. Bristol Myers Squibb’s Abecma faces off with Carvykti in multiple myeloma. AstraZeneca moved last year to buy EsoBiotec, an in vivo cell-therapy outfit, in a deal that could hit $1 billion.
Legend (LEGN) got an Outperform rating and a $64 target again from RBC Capital’s Leonid Timashev on Monday. After an investor event, Timashev said “safety and competition will remain overhangs” but RBC is still positive on the core business, writing they “remain buyers.” StreetInsider.com
The move up is based on a small early study. Just six patients gave the clearest sign of efficacy and follow-up didn’t last long. The company said it will share more at the European Hematology Association meeting later this month. Risks common to biotech names remain, including questions on lasting effect, large study safety, regulation, manufacturing, and whether competitors will get ahead.
Carvykti comes with major safety warnings in its FDA label, like cytokine release syndrome, neurological side effects, prolonged cytopenia, and secondary blood cancers. Those risks keep safety a focus as Legend shifts from its established CAR-T business to earlier, more experimental cell therapies.
Legend’s next update comes June 14 in Stockholm, where the company will show LB2501 data at a late-breaking oral session at EHA 2026. The market has already responded. What’s less clear is if the data will stand when more patients are added.
