Legend Biotech (NASDAQ:LEGN) Stock Jumps 4.9% – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) traded up 4.9% on Monday. The stock traded as high as $19.39 and last traded at $20.2150. 79,566 shares were traded during mid-day trading, a decline of 97% from the average daily volume of 2,390,277 shares. The stock had previously closed at $19.27.

Wall Street Analysts Forecast Growth

LEGN has been the topic of a number of research reports. Royal Bank Of Canada lowered their price objective on shares of Legend Biotech from $58.00 to $56.00 and set an “outperform” rating on the stock in a research note on Thursday, October 8th. Morgan Stanley set a $65.00 target price on shares of Legend Biotech in a research report on Friday, September 4th. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. TD Cowen reduced their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating on the stock in a research report on Friday, October 9th. Nine investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus target price of $54.69.

Legend Biotech Price Performance

The company has a market cap of $4.18 billion, a price-to-earnings ratio of -86.24 and a beta of 0.57. The company’s 50-day simple moving average is $19.54 and its 200-day simple moving average is $22.13.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. The company had revenue of $387.50 million during the quarter, compared to analyst estimates of $355.96 million. The company’s revenue was up 51.9% on a year-over-year basis. During the same period in the prior year, the company earned $0.03 earnings per share. Equities analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.08 EPS for the current fiscal year.

Insider Buying and Selling

In other Legend Biotech news, CFO Carlos E. Santos sold 5,430 shares of the firm’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total value of $49,630.20. Following the sale, the chief financial officer directly owned 14,246 shares in the company, valued at approximately $130,208.44. This trade represents a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the business’s stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director directly owned 52,731 shares of the company’s stock, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently made changes to their positions in the company. Parallel Advisors LLC grew its holdings in Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after buying an additional 1,323 shares in the last quarter. Toth Financial Advisory Corp bought a new stake in shares of Legend Biotech during the third quarter valued at about $50,000. Public Employees Retirement System of Ohio bought a new stake in shares of Legend Biotech during the second quarter valued at about $92,000. IFM Investors Pty Ltd acquired a new stake in Legend Biotech in the first quarter worth about $81,000. Finally, Nykredit A S acquired a new stake in Legend Biotech in the second quarter worth about $162,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

Legend Biotech’s leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.