Legend Biotech (NASDAQ:LEGN) Shares Gap Down – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) gapped down prior to trading on Thursday . The stock had previously closed at $33.52, but opened at $29.66. Legend Biotech shares last traded at $29.3660, with a volume of 2,613,364 shares traded.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 3rd. Raymond James Financial reiterated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. TD Cowen increased their target price on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Morgan Stanley cut their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Finally, Truist Financial cut Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

Legend Biotech Stock Performance

The firm has a market capitalization of $5.30 billion, a PE ratio of -42.03 and a beta of 0.35. The company has a fifty day moving average price of $27.27 and a 200-day moving average price of $22.78.

Legend Biotech (NASDAQ:LEGN) last issued 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). The firm had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm’s revenue was up 56.5% on a year-over-year basis. During the same period last year, the company earned ($0.07) earnings per share. On average, equities analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current year.

Insider Buying and Selling at Legend Biotech

In other 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 transaction of $87,138.72. Following 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently modified their holdings of the stock. Suvretta Capital Management LLC increased its position in shares of 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 last quarter. Westfield Capital Management Co. LP increased its position in shares of Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock valued at $134,020,000 after purchasing an additional 70,191 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares during the last quarter. Goldman Sachs Group Inc. boosted its holdings in 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 acquiring an additional 1,188,449 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after acquiring an additional 72,371 shares during the period. 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.