Legend Biotech (NASDAQ:LEGN) Shares Down 7.3% – Here’s What Happened

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price was down 7.3% during trading on Monday . The stock traded as low as $30.49 and last traded at $30.2420. Approximately 512,697 shares were traded during trading, a decline of 79% from the average daily volume of 2,442,772 shares. The stock had previously closed at $32.62.

Analysts Set New Price Targets

Several equities analysts have recently commented on LEGN shares. Truist Financial cut Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Morgan Stanley reduced their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 target price on shares of Legend Biotech in a research note on Tuesday, March 10th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday. Finally, HC Wainwright increased their target price on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Eleven 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, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Stock Down 2.3%

The company has a 50 day moving average of $24.69 and a 200-day moving average of $22.42. The stock has a market capitalization of $5.92 billion, a P/E ratio of -46.71 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate 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 firm had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same quarter last year, the business earned ($0.07) earnings per share. The business’s revenue for the quarter was up 56.5% compared to the same quarter last year. Equities analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.03 EPS for the current fiscal year.

Insider Activity

In other news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares of the company’s stock, 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 legal filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently modified their holdings of LEGN. Suvretta Capital Management LLC boosted its holdings in shares of Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after acquiring an additional 2,790,620 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Legend Biotech by 120.5% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after acquiring an additional 1,188,449 shares during the period. Davern Capital Partners LP acquired a new stake in Legend Biotech in the fourth quarter worth about $22,972,000. Marshall Wace LLP lifted its holdings 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 purchasing an additional 738,081 shares during the period. Finally, Canada Pension Plan Investment Board acquired a new stake in Legend Biotech in the second quarter worth about $15,790,000. Institutional investors and hedge funds 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.