Legend Biotech (NASDAQ:LEGN) Shares Down 7.3% – Here’s What Happened

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) fell 7.3% during trading on Monday . The company traded as low as $30.49 and last traded at $30.2420. 512,697 shares traded hands during trading, a decline of 79% from the average session volume of 2,442,772 shares. The stock had previously closed at $32.62.

Analyst Ratings Changes

A number of research firms have recently commented on LEGN. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Raymond James Financial reaffirmed an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. Rothschild & Co Redburn downgraded shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price objective for the company. in a research note on Thursday, February 12th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a research note on Tuesday, March 10th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Trading Down 2.3%

The stock’s 50-day moving average is $24.69 and its 200-day moving average is $22.42. The stock has a market cap of $5.92 billion, a price-to-earnings ratio of -46.71 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results 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 return on equity of 24.92% and a negative net margin of 21.98%.The firm’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same period last year, the company posted ($0.07) EPS. On average, equities analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.03 earnings per share for the current fiscal year.

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares of the company’s stock, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.02% of the stock is owned by company insiders.

Institutional Trading of Legend Biotech

Large investors have recently bought and sold shares of the company. Clearstead Advisors LLC grew its position in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC grew its position in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in Legend Biotech by 1,730.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after acquiring an additional 3,374 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Legend Biotech in the second quarter valued at approximately $78,000. Finally, IFM Investors Pty Ltd acquired a new stake in Legend Biotech in the first quarter valued at approximately $81,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.