Legend Biotech (NASDAQ:LEGN) CEO Sells $87,138.72 in Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) 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 transaction of $87,138.72. Following the transaction, the chief executive officer owned 247,438 shares of the company’s stock, valued at approximately $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.

Legend Biotech Price Performance

NASDAQ LEGN opened at $17.31 on Tuesday. The company’s fifty day moving average is $18.33 and its two-hundred day moving average is $24.83. Legend Biotech Corporation Sponsored ADR has a 52-week low of $16.24 and a 52-week high of $45.30. The firm has a market capitalization of $3.20 billion, a price-to-earnings ratio of -21.64 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Wednesday, March 11th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The business had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. During the same quarter in the prior year, the business earned $0.07 earnings per share. The firm’s revenue for the quarter was up 64.2% on a year-over-year basis. As a group, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Institutional Trading of Legend Biotech

Large investors have recently bought and sold shares of the stock. Suvretta Capital Management LLC raised its stake in Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after acquiring an additional 2,790,620 shares in the last quarter. Goldman Sachs Group Inc. grew its holdings in shares of Legend Biotech by 120.5% in the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after purchasing an additional 1,188,449 shares during the last quarter. Davern Capital Partners LP bought a new stake in shares of Legend Biotech in the 4th quarter worth about $22,972,000. Marshall Wace LLP increased its position in shares of Legend Biotech by 4,129.8% during the 4th quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock worth $16,434,000 after purchasing an additional 738,081 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Legend Biotech during the 2nd quarter worth about $15,790,000. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. Oppenheimer began coverage on Legend Biotech in a research report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price objective on the stock. UBS Group lowered their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating on the stock in a report on Monday, December 8th. TD Cowen restated a “hold” rating and issued a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a research note on Thursday, January 22nd. Barclays decreased 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 report on Wednesday, February 4th. Finally, Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.31.

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.