Legend Biotech (NASDAQ:LEGN) Stock Price Down 5.5% – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s share price traded down 5.5% during mid-day trading on Monday . The stock traded as low as $28.21 and last traded at $28.2510. Approximately 138,940 shares traded hands during trading, a decline of 94% from the average daily volume of 2,475,325 shares. The stock had previously closed at $29.91.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the stock. Royal Bank Of Canada upped their target price on shares of Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Truist Financial lowered Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. UBS Group boosted their price target on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Morgan Stanley reduced their price objective 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. Finally, Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 24th. Eleven equities research 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. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $60.23.

Legend Biotech Stock Down 6.2%

The business’s fifty day moving average is $29.29 and its 200 day moving average is $23.08. The stock has a market cap of $5.21 billion, a PE ratio of -41.25 and a beta of 0.34.

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

Insiders Place Their Bets

In related news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.02% of the stock is owned by insiders.

Institutional Trading of Legend Biotech

Several large investors have recently bought and sold shares of the company. Parallel Advisors LLC raised its position in Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after acquiring an additional 662 shares during the last quarter. Clearstead Advisors LLC boosted its position in Legend Biotech by 310.7% during the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock worth $76,000 after acquiring an additional 2,632 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after purchasing an additional 3,374 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Legend Biotech in the 2nd quarter worth about $78,000. Finally, IFM Investors Pty Ltd purchased a new stake in Legend Biotech in the first quarter valued at approximately $81,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.