Legend Biotech (NASDAQ:LEGN) CEO Sells 5,566 Shares of Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $29.39 on Tuesday. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $45.30. The company’s 50-day moving average is $28.86 and its 200 day moving average is $22.89. The stock has a market capitalization of $5.46 billion, a P/E ratio of -43.22 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business’s quarterly revenue was up 56.5% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) earnings per share. Research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current year.

Analysts Set New Price Targets

LEGN has been the subject of a number of research analyst reports. Royal Bank Of Canada raised their target price on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. TD Cowen upped their price objective on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. HC Wainwright raised their target price on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Finally, Jefferies Financial Group reiterated a “buy” rating and set a $69.00 target price on shares of Legend Biotech in a report on Tuesday, March 10th. 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. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Hedge Funds Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently modified their holdings of LEGN. Parallel Advisors LLC boosted its stake 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 purchasing an additional 1,323 shares in the last quarter. Avidity Partners Management LP purchased a new stake in Legend Biotech during the 1st quarter valued at about $271,000. ADAR1 Capital Management LLC bought a new stake in Legend Biotech during the 1st quarter valued at about $362,000. California State Teachers Retirement System bought a new stake in Legend Biotech during the 1st quarter valued at about $214,000. Finally, Royal Bank of Canada raised its holdings in Legend Biotech by 12.1% in the first quarter. Royal Bank of Canada now owns 24,261 shares of the company’s stock worth $439,000 after buying an additional 2,611 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

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.