Key Points
- CEO Ying Huang sold 5,566 shares of Legend Biotech stock on June 25 at an average price of $14.78, totaling about $82,265. After the sale, Huang still owned 241,872 shares, worth roughly $3.57 million.
- Legend Biotech shares were down 1.7% in the session, with the stock opening at $28.88 and trading well below its 12-month high of $45.30.
- Analysts remain mostly bullish on LEGN despite recent mixed results, with 11 Buy ratings and a consensus price target of $60.23. The company recently missed earnings estimates by a penny but still posted 56.5% year-over-year quarterly revenue growth.
Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) CEO Ying Huang sold 5,566 shares of the company's stock in a transaction 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 transaction, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link.
Legend Biotech Trading Down 1.7%
Shares of LEGN opened at $28.88 on Wednesday. The firm has a market cap of $5.36 billion, a PE ratio of -42.47 and a beta of 0.35. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The stock has a fifty day moving average price of $29.02 and a 200-day moving average price of $22.93.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business had revenue of $305.10 million for the quarter, compared to analysts' expectations of $306.51 million. During the same quarter last year, the firm earned ($0.07) earnings per share. The firm's quarterly revenue was up 56.5% compared to the same quarter last year.
Hedge Funds Weigh In On Legend Biotech
Hedge funds and other institutional investors have recently bought and sold shares of the business. SG Americas Securities LLC increased its position in shares of Legend Biotech by 6,774.9% during the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company's stock worth $8,081,000 after purchasing an additional 366,321 shares in the last quarter. Hudson Bay Capital Management LP raised its stake in Legend Biotech by 42.4% in the 3rd quarter. Hudson Bay Capital Management LP now owns 220,000 shares of the company's stock valued at $7,174,000 after purchasing an additional 65,500 shares during the last quarter. Triata Capital Ltd lifted its holdings in Legend Biotech by 50.5% in the 3rd quarter. Triata Capital Ltd now owns 161,800 shares of the company's stock valued at $5,276,000 after purchasing an additional 54,300 shares in the last quarter. Suvretta Capital Management LLC lifted its holdings in Legend Biotech by 1.2% in the 3rd quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company's stock valued at $124,505,000 after purchasing an additional 44,000 shares in the last quarter. Finally, Eagle Health Investments LP acquired a new stake in Legend Biotech during the 4th quarter worth $8,884,000. Institutional investors and hedge funds own 70.89% of the company's stock.
Analyst Ratings Changes
Several equities analysts recently commented on LEGN shares. UBS Group increased their price objective on shares of Legend Biotech from $31.00 to $49.00 and gave the company a "buy" rating in a research report on Wednesday, June 3rd. Weiss Ratings raised shares of Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Wednesday, June 24th. Royal Bank Of Canada upped their price target on shares of Legend Biotech from $62.00 to $64.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. Morgan Stanley decreased their price target on shares of Legend Biotech from $49.00 to $48.00 and set an "overweight" rating for the company in a report on Wednesday, May 13th. Finally, HC Wainwright raised their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the stock a "buy" rating in a report on Wednesday, June 3rd. Eleven investment 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. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $60.23.
Check Out Our Latest Research Report on Legend Biotech
Legend Biotech Company Profile
(
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.
Recommended Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
