Legend Biotech (NASDAQ:LEGN) Trading Up 7.6% – Time to Buy?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) traded up 7.6% on Tuesday . The company traded as high as $27.59 and last traded at $27.53. 3,299,094 shares traded hands during trading, an increase of 40% from the average session volume of 2,360,297 shares. The stock had previously closed at $25.58.

Analysts Set New Price Targets

A number of research analysts have commented on LEGN shares. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Rothschild & Co Redburn downgraded shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research note on Thursday, February 12th. HC Wainwright restated a “buy” rating and issued a $50.00 price objective on shares of Legend Biotech in a report on Tuesday, April 21st. Royal Bank Of Canada lowered their price objective on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a research report on Wednesday, March 11th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a research note on Tuesday, March 10th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.31.

Legend Biotech Stock Performance

The firm has a market capitalization of $5.20 billion, a PE ratio of -35.15 and a beta of 0.29. The company’s 50-day moving average price is $20.49 and its 200-day moving average price is $22.73.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The firm’s quarterly revenue was up 56.5% on a year-over-year basis. During the same quarter in the prior year, the business earned ($0.07) earnings per share. As a group, analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.31 earnings per share for the current year.

Insider Transactions at Legend Biotech

In related news, CEO Ying Huang sold 9,936 shares of the company’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 value of $87,138.72. Following the completion of the transaction, the chief executive officer directly owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.02% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Clearstead Advisors LLC raised its stake in Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC grew 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 last quarter. Caitong International Asset Management Co. Ltd grew 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 shares of Legend Biotech during the second quarter worth about $78,000. Finally, IFM Investors Pty Ltd acquired a new stake in shares of Legend Biotech during the first quarter worth about $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.