Ying Huang Sells 9,936 Shares of Legend Biotech (NASDAQ:LEGN) Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 9,936 shares of Legend Biotech 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 completion of the transaction, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. This represents a 3.86% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Legend Biotech Price Performance

NASDAQ LEGN opened at $16.80 on Monday. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The company has a market capitalization of $3.11 billion, a P/E ratio of -21.00 and a beta of 0.07. The company’s 50 day simple moving average is $18.43 and its 200 day simple moving average is $24.95.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.18. The firm had revenue of $306.30 million during the quarter, compared to analysts’ expectations of $310.21 million. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The firm’s revenue for the quarter was up 64.2% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share. On average, analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LEGN. Morgan Stanley cut their target price on Legend Biotech from $50.00 to $49.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 11th. Jefferies Financial Group reiterated a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. TD Cowen restated a “hold” rating and set a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Finally, Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price for the company. in a report on Thursday, February 12th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and an average price target of $58.31.

Institutional Investors Weigh In On Legend Biotech

Institutional investors have recently bought and sold shares of the business. Clearstead Advisors LLC increased its holdings in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC boosted its holdings in shares of 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 purchasing an additional 662 shares during the period. OFI Invest Asset Management grew its position in Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after purchasing an additional 622 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its position in 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 valued at $78,000 after purchasing an additional 3,374 shares in the last quarter. Finally, Raymond James Financial Inc. acquired a new position in Legend Biotech in the 2nd quarter valued at approximately $78,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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.