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

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Legend Biotech Price Performance

Shares of LEGN opened at $28.88 on Wednesday. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $45.30. The company has a 50-day moving average of $29.02 and a 200 day moving average of $22.93. The firm has a market capitalization of $5.36 billion, a price-to-earnings ratio of -42.47 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company had revenue of $305.10 million during the quarter, compared to the consensus estimate of $306.51 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Legend Biotech’s revenue was up 56.5% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on LEGN shares. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 24th. Truist Financial lowered Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. TD Cowen lifted their price objective on Legend Biotech to $29.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. UBS Group lifted their price objective on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Royal Bank Of Canada upped their price objective on shares of Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.23.

Institutional Investors Weigh In On Legend Biotech

A number of institutional investors have recently added to or reduced their stakes in LEGN. Suvretta Capital Management LLC raised its holdings in Legend Biotech by 73.1% in the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after purchasing an additional 2,790,620 shares in the last quarter. Goldman Sachs Group Inc. boosted its holdings in shares of Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after buying an additional 1,188,449 shares in the last quarter. Davern Capital Partners LP bought a new stake in shares of Legend Biotech in the 4th quarter valued at about $22,972,000. Marshall Wace LLP grew its position in shares of Legend Biotech by 4,129.8% in the 4th quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock worth $16,434,000 after buying an additional 738,081 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Legend Biotech in the 2nd quarter worth approximately $15,790,000. Institutional investors own 70.89% of the company’s stock.

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.