New York, January 5, 2026, 15:53 EST — Regular session
Legend Biotech Corp (LEGN) shares fell 4.7% to $20.49 on Monday, after touching $20.29 — a fresh 52-week low — in afternoon trading. The stock is about 55% below its 52-week high of $45.30.
Money rotated into energy and bank stocks on Monday, lifting Wall Street’s main indexes, after a U.S. military strike captured Venezuelan President Nicolas Maduro. “Energy stocks are really benefiting from the expectation that President Trump is intending to send them in,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. Data showed U.S. manufacturing contracted more than expected in December, and Friday’s nonfarm payrolls report could steer rate-cut expectations, with markets pricing about 60 basis points of easing in 2026, according to LSEG. MarketScreener
For Legend investors, the slide comes into focus ahead of the annual J.P. Morgan Healthcare Conference, a key early-January forum for biotech updates. Legend said Chief Executive Ying Huang will present on Jan. 14 in San Francisco.
Legend’s flagship is CARVYKTI, a CAR‑T therapy — a treatment that engineers a patient’s T cells to attack cancer — for relapsed or refractory (returned or hard-to-treat) multiple myeloma, a blood cancer, which it develops and markets with Johnson & Johnson.
The broader biotech tape also leaned heavy. The SPDR S&P Biotech ETF and the iShares Nasdaq Biotechnology ETF were each down about 1% on the session.
Legend’s stock reversed from early strength to sharp losses, a pattern traders often read as investors cutting risk rather than reacting to a single headline. The break into new lows can draw in momentum sellers and force short-term holders to reassess positions.
Investors will listen for clues on patient access and manufacturing throughput for CAR‑T, where treatments are customized for each patient and delivery timelines matter. Any color on demand trends and cost control for 2026 is likely to shape sentiment after the selloff.
But the setup cuts both ways. A business tied closely to one commercial product can suffer outsized swings if supply, safety or reimbursement friction slows shipments, while competition in multiple myeloma keeps pricing and share gains under scrutiny.
