Carlos Santos Sells 5,430 Shares of Legend Biotech (NASDAQ:LEGN) Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CFO Carlos Santos sold 5,430 shares of the business’s stock in a transaction dated Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the sale, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at approximately $130,208.44. This trade represents a 27.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link.

Legend Biotech Trading Down 1.0%

Shares of Legend Biotech stock traded down $0.19 during trading hours on Wednesday, reaching $18.45. The stock had a trading volume of 2,408,381 shares, compared to its average volume of 2,457,368. The firm has a market capitalization of $3.58 billion, a price-to-earnings ratio of -73.80 and a beta of 0.40. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $37.50. The firm has a 50 day simple moving average of $20.48 and a two-hundred day simple moving average of $23.58.

Legend Biotech (NASDAQ:LEGN) last issued its 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. The business had revenue of $387.50 million during the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The company’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 EPS. Sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. TD Cowen decreased their target price on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, August 12th. Raymond James Financial reaffirmed an “outperform” rating and set a $58.00 price target on shares of Legend Biotech in a research note on Monday, July 27th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. HC Wainwright restated a “buy” rating and set a $65.00 target price on shares of Legend Biotech in a research note on Friday, September 4th. Finally, Oppenheimer lowered Legend Biotech from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $75.00 to $40.00 in a research report on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $53.14.

Hedge Funds Weigh In On Legend Biotech

A number of hedge funds have recently added to or reduced their stakes in LEGN. Arrowstreet Capital Limited Partnership lifted its position in Legend Biotech by 343.6% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock valued at $7,361,000 after purchasing an additional 315,176 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in Legend Biotech in the 1st quarter worth about $4,039,000. Renaissance Technologies LLC grew 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 worth $9,439,000 after purchasing an additional 119,000 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Legend Biotech in the second quarter valued at approximately $55,307,000. Finally, Sei Investments Co. increased its stake in shares of Legend Biotech by 215.4% in the first quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock valued at $5,878,000 after purchasing an additional 221,899 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company’s work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient’s immune system to recognize and attack cancer cells.

Legend Biotech’s lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.