Legend Biotech (NASDAQ:LEGN) Stock Price Down 5.5% – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares were down 5.5% during trading on Monday . The company traded as low as $28.21 and last traded at $28.2510. 138,940 shares were traded during mid-day trading, a decline of 94% from the average daily volume of 2,475,325 shares. The stock had previously closed at $29.91.

Analysts Set New Price Targets

Several research analysts recently weighed in on LEGN shares. Morgan Stanley lowered their price objective on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. Royal Bank Of Canada lowered their price target on Legend Biotech from $64.00 to $63.00 and set an “outperform” rating for the company in a report on Tuesday. UBS Group raised their price objective on Legend Biotech from $31.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $60.15.

Legend Biotech Stock Down 1.3%

The business has a 50-day simple moving average of $29.44 and a 200-day simple moving average of $23.17. The company has a market cap of $5.14 billion, a PE ratio of -40.71 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. Legend Biotech’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.07) EPS.

Insider Buying and Selling at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC increased its holdings in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares during the period. Raymond James Financial Inc. purchased a new stake in shares of Legend Biotech during the second quarter worth approximately $78,000. Harvest Fund Management Co. Ltd acquired a new stake in Legend Biotech in the third quarter valued at approximately $104,000. Clearstead Advisors LLC lifted its stake in Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock worth $76,000 after acquiring an additional 2,632 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after acquiring an additional 3,374 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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.