Legend Biotech (NASDAQ:LEGN) Stock Breaks Above Fifty Day Moving Average – What’s Next?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares passed above its fifty day moving average during trading on Monday. The stock has a fifty day moving average of $19.52 and traded as high as $21.04. Legend Biotech shares last traded at $20.39, with a volume of 2,369,606 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have commented on LEGN. Barclays dropped their target price on shares of Legend Biotech from $74.00 to $68.00 and set an “overweight” rating on the stock in a report on Tuesday, October 13th. Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a research note on Monday, July 27th. JPMorgan Chase & Co. reduced their price target on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating for the company in a report on Friday, October 9th. UBS Group reissued a “buy” rating and set a $65.00 price objective on shares of Legend Biotech in a research report on Monday, September 28th. Finally, Morgan Stanley set a $65.00 price objective on shares of Legend Biotech in a report on Friday, September 4th. Nine investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $54.69.

Legend Biotech Trading Up 4.5%

The stock has a market cap of $4.37 billion, a P/E ratio of -90.12 and a beta of 0.57. The company has a 50 day simple moving average of $19.55 and a 200 day simple moving average of $22.13.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. The firm had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. During the same quarter in the prior year, the firm posted $0.03 EPS. The business’s revenue was up 51.9% on a year-over-year basis. As a group, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In related news, CFO Carlos Santos sold 5,430 shares of the stock in a transaction on Monday, September 21st. The shares were sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the transaction, the chief financial officer owned 14,246 shares in the company, valued at approximately $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director owned 52,731 shares of the company’s stock, valued at $498,835.26. The trade was a 34.17% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company grew its holdings in shares of Legend Biotech by 5.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after acquiring an additional 570 shares in the last quarter. Resona Asset Management Co. Ltd. raised its holdings in Legend Biotech by 3.1% during the first quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company’s stock worth $366,000 after acquiring an additional 607 shares in the last quarter. Parallel Advisors LLC raised its holdings in Legend Biotech by 173.9% during the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after acquiring an additional 1,323 shares in the last quarter. Asset Management One Co. Ltd. raised its holdings in Legend Biotech by 20.9% during the third quarter. Asset Management One Co. Ltd. now owns 12,782 shares of the company’s stock worth $254,000 after acquiring an additional 2,207 shares in the last quarter. Finally, Oppenheimer & Co. Inc. raised its holdings in Legend Biotech by 11.2% during the third quarter. Oppenheimer & Co. Inc. now owns 23,892 shares of the company’s stock worth $475,000 after acquiring an additional 2,406 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

Legend Biotech Company Profile

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.