Legend Biotech (NASDAQ:LEGN) Trading 4.8% Higher – Still a Buy?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) traded up 4.8% during trading on Monday . The stock traded as high as $20.86 and last traded at $20.83. Approximately 1,096,563 shares were traded during trading, a decline of 56% from the average session volume of 2,464,739 shares. The stock had previously closed at $19.88.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. TD Cowen decreased their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. UBS Group reaffirmed a “neutral” rating and issued a $28.00 target price (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. JPMorgan Chase & Co. started coverage on Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 target price on the stock. Raymond James Financial restated an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a research note on Monday, July 27th. Finally, Morgan Stanley increased their price objective on Legend Biotech from $48.00 to $49.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Legend Biotech currently has an average rating of “Hold” and an average price target of $52.29.

Legend Biotech Price Performance

The business’s 50-day moving average price is $23.48 and its two-hundred day moving average price is $23.45. The company has a market capitalization of $4.04 billion, a price-to-earnings ratio of -83.32 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. The business had revenue of $387.50 million during 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 firm’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the previous year, the company posted $0.03 earnings per share. As a group, research analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current year.

Insider Activity

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction dated 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 owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Parallel Advisors LLC grew its holdings 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 purchasing an additional 662 shares during the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech in the 2nd quarter valued at approximately $78,000. Public Employees Retirement System of Ohio bought a new position in Legend Biotech in the 2nd quarter valued at approximately $92,000. Harvest Fund Management Co. Ltd acquired a new stake in Legend Biotech in the third quarter valued at approximately $104,000. Finally, Clearstead Advisors LLC boosted its position in Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after buying an additional 2,632 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

About Legend Biotech

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.