Legend Biotech Faces Pressure From Rivals Ahead of Key FDA Decision, UBS Says

MT newswire2026/10/02 17:05

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01:05 PM EDT, 10/02/2026 (MT Newswires) -- Legend Biotech's (LEGN) multiple myeloma therapy Carvykti is facing growing competitive pressure as Gilead Sciences' (GILD) anito-cel approaches a potential approval and Johnson & Johnson's (JNJ) Tec-Dara gains traction, UBS Securities said Thursday in a report. UBS said Carvykti isn't expanding quickly enough in second- and third-line patients to be protected from anito-cel's launch, and that bispecific antibodies such as Tec-Dara may erode its position in earlier treatment lines. UBS expects these headwinds to weigh on Legend stock until the next major catalysts including earlier-line Carvykti data and updates from the company's in-vivo programs, which it doesn't project until late 2027. Gilead has signaled confidence that anito-cel will receive a fourth-line-plus label and a clean safety profile, UBS said. Legend estimates that about 41% of current US Carvykti use is in second- and third-line patients, leaving the remaining 59% of the fourth-line-plus market potentially at risk, the report said. The US Food and Drug Administration's decision date for anito-cel is Dec. 23. UBS cut its valuation multiple on Legend to three times estimated 2032 sales from 3.5 times, citing higher competitive risk and slower expected Carvykti growth. UBS lowered its price target on Legend stock to $24 from $28 and maintained its neutral rating. Price: 18.72, Change: -0.60, Percent Change: -3.11

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On October 8, Revolution Medicines (RVMD.O) shares fell 8.1% in afternoon trading to $185.91. RBC Capital Markets stated that the share price decline appeared to be driven by the latest U.S. Food and Drug Administration (FDA) review documents regarding the company's pancreatic cancer drug Rasonque, particularly the disclosure of objective response rate data for specific RAS mutation subgroups. RBC pointed out that overall survival, rather than objective response rate, is a more meaningful indicator of efficacy, and that the sell-off overlooked Rasonque's broad activity across a variety of RAS mutation subgroups. RBC stated: "While we acknowledge that today's share price decline takes place against the backdrop of overall weakness in the biotech sector, we still believe that the market's reaction to the FDA review documents is an overreaction, given that the drug was approved on the basis of highly clinically meaningful efficacy and has received positive feedback from physicians." Including intraday fluctuations, the stock has more than doubled year-to-date. (Note: For the convenience of non-English speakers, Reuters has automatically translated its reports into several other languages. Automated translations may be inaccurate or lack necessary context; Reuters does not guarantee the accuracy of these automated translations and provides them only for reader convenience. Reuters does not accept liability for any damage or loss arising from the use of automated translation features.)

路透社•2026/10/08 18:26