Legend Biotech (NASDAQ:LEGN) Trading Down 8.3% – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares dropped 8.3% on Monday . The stock traded as low as $25.40 and last traded at $24.9090. Approximately 1,535,745 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 2,305,295 shares. The stock had previously closed at $27.16.

Analyst Ratings Changes

LEGN has been the subject of several research analyst reports. Rothschild & Co Redburn downgraded shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a research note on Thursday, February 12th. UBS Group reaffirmed a “buy” rating and issued a $50.00 price target on shares of Legend Biotech in a research note on Monday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research note on Tuesday, March 10th. Royal Bank Of Canada lifted their price target on shares of Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, May 20th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus target price of $59.15.

Legend Biotech Price Performance

The stock has a market capitalization of $6.74 billion, a price-to-earnings ratio of -53.35 and a beta of 0.35. The business’s fifty day moving average price is $23.30 and its 200-day moving average price is $22.30.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The business had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The firm’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) earnings per share. Equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.2 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. This trade represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.02% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC grew its holdings in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares during the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after buying an additional 3,374 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Legend Biotech during the second quarter worth about $78,000. Finally, IFM Investors Pty Ltd purchased a new position in Legend Biotech during the first quarter worth about $81,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.