Key Points
- CEO Ying Huang sold 9,936 shares on March 25 at an average price of $8.77 for a total of $87,138.72, trimming her stake by 3.86% to 247,438 shares valued at about $2.17 million.
- Legend Biotech reported quarterly EPS of $0.01 (beating estimates) and revenue of $306.3 million, up 64.2% year-over-year, but still has a negative net margin (-28.86%) and analysts are mixed with a consensus "Moderate Buy" and an average price target of $58.31.
- Shares opened at $16.80, trading well below the 50-day ($18.43) and 200-day ($25.01) moving averages and far from the 52-week high of $45.30, while institutional investors own about 70.89% of the stock.
Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) CEO Ying Huang sold 9,936 shares of the company's stock in a transaction on Wednesday, March 25th. The shares were 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 owned 247,438 shares in the company, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Legend Biotech Price Performance
Shares of LEGN opened at $16.80 on Friday. The company's 50-day moving average is $18.43 and its 200-day moving average is $25.01. The firm has a market capitalization of $3.11 billion, a PE ratio of -21.00 and a beta of 0.07. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $45.30.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Wednesday, March 11th. The company reported $0.01 EPS for the quarter, topping the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The business had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. During the same quarter in the previous year, the firm posted $0.07 EPS. Legend Biotech's revenue was up 64.2% compared to the same quarter last year. Analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.
Institutional Investors Weigh In On Legend Biotech
Large investors have recently added to or reduced their stakes in the stock. Clearstead Advisors LLC increased 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 during the period. Parallel Advisors LLC lifted its position in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock valued at $34,000 after acquiring an additional 662 shares during the period. OFI Invest Asset Management lifted its position in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company's stock valued at $40,000 after acquiring an additional 622 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Legend Biotech during the 2nd quarter worth $78,000. Finally, Harvest Fund Management Co. Ltd acquired a new stake in shares of Legend Biotech during the 3rd quarter worth $104,000. Institutional investors and hedge funds own 70.89% of the company's stock.
Wall Street Analysts Forecast Growth
Several equities analysts have recently commented on the company. TD Cowen reaffirmed a "hold" rating and issued a $21.00 target price (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Truist Financial cut Legend Biotech from a "strong-buy" rating to a "hold" rating in a report on Friday, March 20th. Jefferies Financial Group restated a "buy" rating and issued a $69.00 price target on shares of Legend Biotech in a research note on Tuesday, March 10th. Raymond James Financial reaffirmed an "outperform" rating on shares of Legend Biotech in a report on Monday, February 23rd. Finally, Weiss Ratings reiterated a "sell (e+)" rating on shares of Legend Biotech in a research report on Monday, December 29th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $58.31.
View Our Latest Stock Report on LEGN
About Legend Biotech
(
Get Free Report)
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.
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