Legend Biotech (NASDAQ:LEGN) Shares Down 8.2% – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s stock price dropped 8.2% during mid-day trading on Monday . The stock traded as low as $26.07 and last traded at $25.8250. Approximately 1,480,337 shares traded hands during trading, a decline of 37% from the average daily volume of 2,332,574 shares. The stock had previously closed at $28.12.

Wall Street Analysts Forecast Growth

LEGN has been the topic of several recent analyst reports. Royal Bank Of Canada boosted their target price on shares of Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. Barclays cut their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research note on Wednesday, February 4th. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Finally, Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. Eleven equities 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 stock. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Legend Biotech Stock Up 1.5%

The firm has a market capitalization of $5.30 billion, a price-to-earnings ratio of -42.16 and a beta of 0.29. The stock’s 50 day moving average price is $20.88 and its two-hundred day moving average price is $22.68.

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). Legend Biotech had a negative return on equity of 24.63% and a negative net margin of 21.98%.The company had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same period last year, the company posted ($0.07) earnings per share. The company’s revenue was up 56.5% compared to the same quarter last year. On average, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.31 EPS for the current fiscal year.

Insider Transactions at Legend Biotech

In related news, 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 value of $87,138.72. Following the completion of the sale, the chief executive officer directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Large investors have recently bought and sold shares of the business. Clearstead Advisors LLC boosted its holdings in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC boosted its holdings in Legend Biotech by 171.9% in 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 in the last quarter. Raymond James Financial Inc. bought a new stake in Legend Biotech in the second quarter worth $78,000. Harvest Fund Management Co. Ltd bought a new stake in Legend Biotech in the third quarter worth $104,000. Finally, Caitong International Asset Management Co. Ltd boosted its holdings in Legend Biotech by 1,730.3% in 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 in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

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.