Legend Biotech (NASDAQ:LEGN) Shares Gap Up Following Earnings Beat

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $20.66, but opened at $21.78. Legend Biotech shares last traded at $21.8720, with a volume of 553,890 shares trading hands.

The company reported $0.09 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.03. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. During the same quarter in the prior year, the business earned $0.03 EPS. The business’s revenue for the quarter was up 51.9% compared to the same quarter last year.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. UBS Group reaffirmed a “neutral” rating and set a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research note on Monday, July 27th. HC Wainwright reiterated a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research report on Tuesday, July 28th. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, July 30th. Raymond James Financial restated an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a research report on Monday, July 27th. Finally, TD Cowen raised their target price on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.29.

Insider Buying and Selling

In related news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the sale, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.02% of the company’s stock.

Institutional Trading of Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of LEGN. Y Intercept Hong Kong Ltd acquired a new stake in Legend Biotech during the 1st quarter worth approximately $4,039,000. Arrowstreet Capital Limited Partnership lifted its stake in Legend Biotech by 343.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock valued at $7,361,000 after buying an additional 315,176 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Legend Biotech by 29.5% in the first quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after buying an additional 119,000 shares during the period. Assenagon Asset Management S.A. acquired a new position in shares of Legend Biotech in the second quarter valued at approximately $55,307,000. Finally, Candriam S.C.A. increased its position in shares of Legend Biotech by 79.6% during the first quarter. Candriam S.C.A. now owns 470,292 shares of the company’s stock worth $8,508,000 after acquiring an additional 208,477 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

Legend Biotech Price Performance

The company’s 50-day moving average price is $26.97 and its 200-day moving average price is $23.14. The company has a market cap of $4.04 billion, a P/E ratio of -32.02 and a beta of 0.37.

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.