Key Points
- CFO Carlos Santos sold 5,430 Legend Biotech shares for approximately $49,630, reducing his position by 27.6% to 14,246 shares.
- Legend Biotech reported quarterly EPS of $0.09, beating the $0.07 consensus estimate, while revenue of $387.5 million exceeded expectations and rose 51.9% year over year. The company remains unprofitable, with a negative net margin of 7.21%.
- Analyst sentiment is mixed, with the stock carrying an overall “Hold” rating and a consensus price target of $53.14; institutional investors own approximately 70.89% of the company.
Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) CFO Carlos Santos sold 5,430 shares of Legend Biotech stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total value of $49,630.20. Following the transaction, the chief financial officer owned 14,246 shares in the company, valued at approximately $130,208.44. This represents a 27.60% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Legend Biotech Trading Down 1.0%
Shares of LEGN opened at $18.45 on Thursday. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $37.50. The firm has a market capitalization of $3.58 billion, a P/E ratio of -73.80 and a beta of 0.40. The firm has a 50-day moving average price of $20.38 and a 200 day moving average price of $23.58.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping analysts' consensus estimates of $0.07 by $0.02. The company had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. Legend Biotech's quarterly 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 research analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
A number of research analysts recently commented on the company. Raymond James Financial reiterated an "outperform" rating and issued a $58.00 price objective on shares of Legend Biotech in a report on Monday, July 27th. Oppenheimer cut Legend Biotech from an "outperform" rating to a "market perform" rating and lowered their price target for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th. Weiss Ratings lowered shares of Legend Biotech from a "sell (d-)" rating to a "sell (e+)" rating in a report on Wednesday, September 16th. Royal Bank Of Canada lowered their target price on shares of Legend Biotech from $59.00 to $58.00 and set an "outperform" rating for the company in a research note on Wednesday, August 12th. Finally, Benchmark reiterated a "buy" rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $53.14.
View Our Latest Stock Report on LEGN
Institutional Investors Weigh In On Legend Biotech
Several institutional investors and hedge funds have recently modified their holdings of LEGN. The Manufacturers Life Insurance Company boosted its position in shares of Legend Biotech by 5.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company's stock worth $188,000 after purchasing an additional 570 shares in the last quarter. Resona Asset Management Co. Ltd. lifted its stake in shares of Legend Biotech by 3.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company's stock valued at $366,000 after purchasing an additional 607 shares during the period. Parallel Advisors LLC lifted its stake in shares of Legend Biotech by 173.9% in the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company's stock valued at $38,000 after purchasing an additional 1,323 shares during the period. Royal Bank of Canada boosted its holdings in Legend Biotech by 12.1% during the first quarter. Royal Bank of Canada now owns 24,261 shares of the company's stock worth $439,000 after buying an additional 2,611 shares in the last quarter. Finally, Clearstead Advisors LLC boosted its holdings in Legend Biotech by 310.7% during the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company's stock worth $76,000 after buying an additional 2,632 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.
About Legend Biotech
(
Get Free Report)
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.
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