Legend Biotech (NASDAQ:LEGN) CFO Sells $49,630.20 in 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 completion of the transaction, the chief financial officer directly owned 14,246 shares in the company, valued at $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Legend Biotech Price Performance

NASDAQ LEGN opened at $19.11 on Friday. The business has a 50 day simple moving average of $20.25 and a 200 day simple moving average of $23.55. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $37.50. The stock has a market capitalization of $3.70 billion, a P/E ratio of -76.44 and a beta of 0.40.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates 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 was up 51.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.03 earnings per share. Equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on LEGN shares. UBS Group reaffirmed a “neutral” rating and set a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research note on Monday, July 27th. TD Cowen reduced their price objective on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, August 12th. JPMorgan Chase & Co. initiated coverage on Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective for the company. Morgan Stanley set a $65.00 target price on Legend Biotech in a research report on Friday, September 4th. Finally, Oppenheimer cut Legend Biotech from an “outperform” rating to a “market perform” rating and cut their target price for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th. Eight analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $53.14.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently added to or reduced their stakes in LEGN. Arrowstreet Capital Limited Partnership lifted its holdings in Legend Biotech by 343.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after acquiring an additional 315,176 shares during the period. Y Intercept Hong Kong Ltd bought a new position in Legend Biotech in the 1st quarter valued at $4,039,000. Renaissance Technologies LLC increased its position in shares of Legend Biotech by 29.5% during the 1st quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after purchasing an additional 119,000 shares during the last quarter. Assenagon Asset Management S.A. bought a new stake in shares of Legend Biotech during the 2nd quarter worth $55,307,000. Finally, Wellington Management Group LLP purchased a new position in shares of Legend Biotech in the 2nd quarter worth about $2,369,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

About Legend Biotech

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.