Legend Biotech (NASDAQ:LEGN) Director Sells $258,920.20 in Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Director Corazon (Corsee) Sanders sold 27,370 shares of the stock in a transaction that occurred on 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 sale, the director owned 52,731 shares in the company, valued at $498,835.26. This represents a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Legend Biotech Stock Down 2.9%

Shares of Legend Biotech stock traded down $0.57 during trading on Thursday, hitting $19.32. 2,220,546 shares of the company were exchanged, compared to its average volume of 2,443,161. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $37.50. The stock has a market capitalization of $3.74 billion, a price-to-earnings ratio of -77.28 and a beta of 0.40. The firm has a 50 day moving average price of $19.99 and a 200 day moving average price of $23.57.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.Legend Biotech’s revenue was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 EPS. Analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.09 earnings per share for the current year.

Hedge Funds Weigh In On Legend Biotech

Several large investors have recently added to or reduced their stakes in the business. Tidal Investments LLC boosted its stake in Legend Biotech by 34.0% in the 2nd quarter. Tidal Investments LLC now owns 240,476 shares of the company’s stock worth $6,945,000 after buying an additional 61,023 shares during the last quarter. Squarepoint Ops LLC increased its stake in shares of Legend Biotech by 60.4% during the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after acquiring an additional 289,772 shares during the last quarter. Nykredit A S acquired a new position in shares of Legend Biotech during the 2nd quarter valued at about $162,000. Allianz Asset Management GmbH purchased a new position in shares of Legend Biotech during the 2nd quarter worth about $549,000. Finally, Corient Private Wealth LP purchased a new position in shares of Legend Biotech during the 2nd quarter worth about $436,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Barclays reduced their price objective on Legend Biotech from $78.00 to $74.00 and set an “overweight” rating on the stock in a research report on Friday, September 11th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, September 16th. Morgan Stanley set a $65.00 target price on shares of Legend Biotech in a report on Friday, September 4th. Finally, Royal Bank Of Canada decreased their price target on shares of Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 12th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $55.79.

About Legend Biotech

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.