New York, Feb 24, 2026, 07:38 EST — Premarket
- Shares slipped a bit in premarket trading after jumping sharply the previous session
- Investors are rethinking the landscape around Carvykti after a $7.8 billion CAR-T deal shook things up.
- Traders will be looking for follow-through at the open, and their attention is also on next month’s results update.
Legend Biotech slipped 0.2% to $19.72 early Tuesday, following a 9% surge the previous session that left shares at $19.75. On Monday, the stock ranged from $18.94 up to $21.58, with roughly 6.2 million shares changing hands.
Investors weighed Gilead Sciences’ move to acquire Arcellx in a transaction valued at up to $7.8 billion, throwing renewed attention on CAR-T therapies for multiple myeloma. RBC Capital Markets analyst Brian Abrahams pointed out that Arcellx’s anito-cel might deliver a “better safety profile” than Carvykti, the top CAR-T therapy marketed by Johnson & Johnson with Legend Biotech. Carvykti posted about $1.9 billion in sales in 2025. Anito-cel now sits under FDA review, with a decision due by Dec. 23, 2026. Reuters
CAR-T works by reprogramming a patient’s immune cells to hunt down tumors—a tailored approach that tends to cement early leaders in the space. Still, competitors see their opening: improved safety, quicker turnaround, or getting the therapy to more patients at earlier stages.
For Legend, this is key: the share price remains closely tethered to Carvykti’s outlook, rather than being driven by a broad mix of assets. So when a major player commits serious capital to a rival therapy, investors are pressed to rethink how much runway the current frontrunners actually have.
On the flip side, deal chatter sometimes sends a jolt through a whole slice of biotech. Land a premium cell therapy buyout and suddenly, the gap narrows between what strategics are willing to shell out and public market pricing—even when the acquirer’s real motivation is just the competitive heat.
But there’s an obvious risk here. Should rival products convince doctors they’re safer or simpler, Carvykti could see its growth stall. The stock would likely shift gears, losing its rare-growth status and trading more like an established player facing increased competition.
Traders are eyeing whether Monday’s sharp move sticks when the bell rings, or if the post-deal rally fizzles out. Fresh signals from Johnson & Johnson—be it on demand, how fast they can make product, or pricing—could swing things quickly, especially if those details slip out during a conference appearance.
Legend’s next earnings report lands around March 18. Investors are watching for any new signs on Carvykti’s momentum, plus management’s outlook for the rest of the year.
