Legend Biotech (NASDAQ:LEGN) Stock Price Down 8.2% – Here’s What Happened

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price traded down 8.2% during trading on Monday . The stock traded as low as $26.07 and last traded at $25.8250. 1,480,337 shares traded hands during trading, a decline of 37% from the average session volume of 2,332,574 shares. The stock had previously closed at $28.12.

Analyst Upgrades and Downgrades

LEGN has been the topic of several recent analyst reports. TD Cowen reaffirmed a “hold” rating and issued a $21.00 price target (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. Barclays lowered their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. Morgan Stanley dropped their target price on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Finally, HC Wainwright reissued a “buy” rating and issued a $50.00 price target on shares of Legend Biotech in a report on Tuesday, April 21st. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $58.31.

Legend Biotech Stock Performance

The stock has a market capitalization of $4.73 billion, a P/E ratio of -31.98 and a beta of 0.29. The firm has a 50-day moving average price of $20.20 and a 200 day moving average price of $22.81.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.18. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The company had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. During the same quarter in the previous year, the company posted $0.07 EPS. Legend Biotech’s quarterly revenue was up 64.2% compared to the same quarter last year. On average, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.31 earnings per share for the current fiscal year.

Insider Buying and Selling at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares in the company, valued at approximately $2,170,031.26. The trade was a 3.86% 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. Company insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently made changes to their positions in the business. Suvretta Capital Management LLC increased its position in Legend Biotech by 73.1% during the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after purchasing an additional 2,790,620 shares during the period. Goldman Sachs Group Inc. boosted its stake in shares of Legend Biotech by 120.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after purchasing an additional 1,188,449 shares in the last quarter. Davern Capital Partners LP purchased a new position in shares of Legend Biotech during the fourth quarter valued at about $22,972,000. Marshall Wace LLP raised its stake in Legend Biotech by 4,129.8% in the fourth 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 in the last quarter. Finally, Canada Pension Plan Investment Board bought a new position in Legend Biotech in the second quarter worth about $15,790,000. 70.89% of the stock is currently owned by institutional investors.

About Legend Biotech

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.