On September 5, 2024, sources indicated that Legend Biotech (LEGN.US) is considering a secondary listing outside the United States due to strong investor interest in pharmaceutical companies. According to media reports, Legend Biotech has discussed listing options with potential advisors, with potential venues including Hong Kong, Singapore, or London. This news immediately drew widespread market attention, with the company's stock closing up 3.12% that day.

However, at the time, Legend Biotech's stock price was in a downward trend, and the secondary listing rumors seemingly failed to rescue its continuously declining share price. After reaching a periodic high of $45.30 during trading on July 23, 2024, Legend Biotech's stock price subsequently entered a downward channel that has continued to the present. Following the disclosure of secondary listing rumors, Legend Biotech's stock still experienced three consecutive days of decline from September 8-10, with the share price subsequently fluctuating at low levels. On September 19, the company closed at $34.01, representing a maximum decline of 25% over the past two months.

**When Will the Stock Price Rebound?**

Since Hong Kong investors are more familiar with Chinese business models, while US institutional investors may reduce allocation due to geopolitical factors, many US-listed Chinese companies have chosen to pursue secondary listings in Hong Kong in recent years. This typically brings new financing channels for enterprises, so market reactions are generally more positive than negative.

However, regarding the Legend Biotech secondary listing rumors that emerged in early September, the secondary market was clearly "uninterested." After July 23, Legend Biotech's stock price entered a new round of technical adjustment. Having risen 22.59% in June and 10.09% in July, this round of adjustment showed no volatile fluctuations but instead continued to decline along the lower Bollinger Band. This led to an 11.11% cumulative decline in August, giving back all of July's gains.

Only after the "secondary listing" rumors emerged in September did the company's stock price begin fluctuating upward between the middle and lower Bollinger Bands, though there are still no signs of continued upward momentum.

In reality, most Chinese companies' Hong Kong secondary listings were primarily to avoid US policy risks and ensure stable capital market financing channels. For biotech Chinese companies, this need exists as well. Days after Legend Biotech's "secondary listing" rumors, media reported that the Trump administration was drafting an executive order to implement strict restrictions on Chinese pharmaceuticals, especially experimental drugs. This news immediately caused stock price declines for multiple AH and US-listed companies.

Subsequently, Goldman Sachs published a research report categorizing Chinese innovative pharmaceutical companies into three groups regarding potential short-term stock price risks: "companies with established global presence," "companies with strong global partners," and "companies with high licensing expectations but unexecuted deals." Goldman Sachs classified Legend Biotech in the first category of "companies with established global presence," believing the impact would be limited since such companies have established solid foundations in markets like the US, with low market expectations for additional transactions.

From the secondary market perspective, after closing down 2.28% on September 10, Legend Biotech's stock price rose 1.08% the following day and posted four consecutive gains after September 16, confirming Goldman Sachs' view that the policy impact would be limited for the company.

However, avoiding negative factors alone cannot drive stock price recovery. Referencing Legend Biotech's June and July performance, the key to stock price rebounds may still lie in the release of significant financial and clinical data.

**Significant Data Remains the Strongest "Catalyst"**

Taking a longer-term view, since the failed acquisition attempt in September last year, Legend Biotech's stock price has declined from the August high of $58.90 to a periodic low of $29.27 in April this year. In May, significant data from CARVYKTI competitor Anito-cel showed safety potential that still raised market concerns about CARVYKTI's future pricing power and market share in indication markets due to competitive pressure, potentially significantly reducing exclusivity premiums.

Under pressure on valuation logic, Legend Biotech's stock price plunged 10.55% on May 14 and touched a low of $27.43 the following day, creating a new low since May 2021.

However, even under such "headwinds," Legend Biotech still managed to strongly reverse negative market sentiment in June and July through robust sales performance of its core product and impressive clinical results.

On June 2, 2024, at the ASCO annual meeting, Legend Biotech presented via oral presentation the latest long-term follow-up data from the CARTITUDE-1 study of its core product CARVYKTI in heavily pretreated relapsed or refractory multiple myeloma (RRMM) patients. The data showed that 33% (32/97) of patients had no disease progression for five years or longer (PFS). In terms of median overall survival (OS), the "gold standard" for measuring anticancer drug efficacy, CARVYKTI achieved 60.7 months. Additionally, in this analysis, 12 patients from a single center underwent serial minimal residual disease (MRD) assessments, with results showing all 12 patients maintained ≥5-year progression-free survival and MRD-negative status, with no disease signs shown in annual PET/CT scans over the five-year period.

Legend Biotech directly stated in its report that the drug data was "unprecedented," emphasizing that compared to standard therapy, CARVYKTI is currently the only CAR-T therapy that can clearly demonstrate overall survival benefit in multiple myeloma treatment.

The release of this follow-up data significantly boosted confidence among the global industry and markets. The day after data disclosure, Legend Biotech's stock price rose over 13% at one point and quickly surged over the next six trading days. On June 12, Legend Biotech's stock price peaked at $39.66, approaching the February high of $40.

At this point, Legend Biotech's stock price had jumped above the upper Bollinger Band into oversold territory. After a 10-trading-day technical correction toward the middle band, the company's stock price surged again and returned to the upper Bollinger Band on July 9. This time, the stock price did not immediately correct but instead broke through previous highs under positive stimulus, reaching the year's highest level.

On the evening of July 16, Johnson & Johnson's financial report revealed impressive performance from Legend Biotech's CAR-T cell therapy. The report showed CARVYKTI achieved sales of $808 million in the first half of the year, up approximately 136% year-over-year and 30% quarter-over-quarter. Combined with Legend Biotech's 2024 full-year and 2025 H1 financial reports, CARVYKTI's accelerating sales growth is evident.

In 2024, CARVYKTI achieved full-year net trade sales of $963 million, up 92.7% year-over-year, nearly reaching "blockbuster drug" status. In Q1 2025, CARVYKTI's sales growth rate further accelerated with quarterly sales of $369 million, up 135% year-over-year. In Q2 2025, CARVYKTI's sales again achieved 136% year-over-year growth and 30% quarter-over-quarter growth, maintaining accelerated growth on top of the 92.7% high-speed growth achieved in full-year 2024.

Based on this performance, on July 21, Legend Biotech again topped major investment bank research headlines. Among 21 analysts, 20 gave "buy" ratings with an average target price of $76.42, representing 83.74% upside potential from the July 18 closing price of $41.59.