Key Points
- Director Corazon Sanders sold 27,370 shares of Legend Biotech at an average price of $9.46, totaling $258,920.20. Her remaining stake fell 34.17% to 52,731 shares.
- Legend Biotech reported quarterly EPS of $0.09, beating estimates by $0.02, while revenue rose 51.9% year over year to $387.5 million. Despite growth, the company recorded a negative net margin and return on equity.
- Analysts maintain a “Moderate Buy” consensus with an average price target of $55.79, while institutional investors own 70.89% of the company’s stock.
Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) Director Corazon (Corsee) Sanders sold 27,370 shares of the company's stock in a transaction dated Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the transaction, the director directly owned 52,731 shares of the company's stock, valued at approximately $498,835.26. The trade was a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Legend Biotech Price Performance
Shares of Legend Biotech stock opened at $19.32 on Friday. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $37.50. The company has a market capitalization of $3.74 billion, a PE ratio of -77.28 and a beta of 0.57. The business has a 50-day moving average of $19.90 and a 200-day moving average of $23.58.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. The business had revenue of $387.50 million for the quarter, compared to analysts' expectations of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The company's revenue was up 51.9% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.03 earnings per share. On average, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.09 earnings per share for the current fiscal year.
Institutional Inflows and Outflows
A number of large investors have recently bought and sold shares of the company. Tidal Investments LLC increased its holdings in shares of Legend Biotech by 34.0% in the 2nd quarter. Tidal Investments LLC now owns 240,476 shares of the company's stock valued at $6,945,000 after acquiring an additional 61,023 shares during the last quarter. Squarepoint Ops LLC lifted its stake in Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company's stock worth $22,216,000 after purchasing an additional 289,772 shares during the last quarter. Nykredit A S acquired a new position in Legend Biotech in the second quarter worth $162,000. Allianz Asset Management GmbH acquired a new position in Legend Biotech in the second quarter worth $549,000. Finally, Corient Private Wealth LP bought a new stake in Legend Biotech during the second quarter valued at $436,000. Institutional investors own 70.89% of the company's stock.
Analysts Set New Price Targets
A number of equities analysts have issued reports on the company. HC Wainwright reaffirmed a "buy" rating and issued a $65.00 target price on shares of Legend Biotech in a research report on Monday. UBS Group reissued a "buy" rating and set a $65.00 price target on shares of Legend Biotech in a research report on Monday. Royal Bank Of Canada dropped their price target 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. TD Cowen cut their price target on shares of Legend Biotech from $29.00 to $24.00 and set a "hold" rating on the stock in a report on Wednesday, August 12th. Finally, Benchmark reiterated a "buy" rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $55.79.
Get Our Latest Analysis on Legend Biotech
Legend Biotech Company Profile
(
Get Free Report)
Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.
The company's leading product is Carvykti (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.
Further Reading
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