Insider Selling: Legend Biotech (NASDAQ:LEGN) Director Sells $258,920.20 in Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Director Corazon (Corsee) Sanders sold 27,370 shares of the company’s stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the sale, the director directly owned 52,731 shares of the company’s stock, valued at $498,835.26. This represents a 34.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link.

Legend Biotech Price Performance

Shares of LEGN stock opened at $18.57 on Friday. The firm’s 50-day moving average is $19.83 and its two-hundred day moving average is $23.54. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $37.50. The company has a market capitalization of $3.60 billion, a PE ratio of -74.28 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The business had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. During the same quarter last year, the firm earned $0.03 EPS. The business’s revenue was up 51.9% compared to the same quarter last year. Sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.09 EPS for the current year.

Institutional Trading of Legend Biotech

Several hedge funds have recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership increased its stake in Legend Biotech by 343.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after buying an additional 315,176 shares during the period. Y Intercept Hong Kong Ltd purchased a new position in Legend Biotech in the 1st quarter valued at approximately $4,039,000. Renaissance Technologies LLC boosted its position in Legend Biotech by 29.5% in the 1st 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. Wellington Management Group LLP acquired a new position in shares of Legend Biotech in the second quarter worth $2,369,000. Finally, Assenagon Asset Management S.A. acquired a new position in shares of Legend Biotech in the second quarter worth $55,307,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research report on Monday, July 13th. They set a “neutral” rating and a $35.00 price target for the company. Barclays decreased their price objective on shares of Legend Biotech from $78.00 to $74.00 and set an “overweight” rating on the stock in a report on Friday, September 11th. Morgan Stanley set a $65.00 price objective on shares of Legend Biotech in a research report on Friday, September 4th. Oppenheimer downgraded shares of Legend Biotech from an “outperform” rating to a “market perform” rating and dropped their target price for the company from $75.00 to $40.00 in a report on Wednesday, August 12th. Finally, Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, September 16th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $55.79.

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. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company’s leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.