Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN – Get Free Report) shares were down 8.2% on Monday . The company traded as low as $26.07 and last traded at $25.8250. Approximately 1,480,337 shares changed hands during mid-day 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
A number of research firms have weighed in on LEGN. Barclays decreased their target price on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Royal Bank Of Canada dropped their target price on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a report on Wednesday, March 11th. Morgan Stanley cut their target price on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a research report on Wednesday, March 11th. Finally, Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a research note on Thursday, February 12th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.
Read Our Latest Report on Legend Biotech
Legend Biotech Trading Down 9.0%
Legend Biotech (NASDAQ:LEGN – Get Free Report) last announced its quarterly earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. The company had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. Legend Biotech’s revenue for the quarter was up 64.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.07 EPS. Equities analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.31 EPS for the current fiscal year.
Insiders Place Their Bets
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 transaction of $87,138.72. Following the sale, the chief executive officer owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 0.02% of the company’s stock.
Institutional Trading of Legend Biotech
A number of large investors have recently made changes to their positions in LEGN. Clearstead Advisors LLC raised its position in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares in the last quarter. Parallel Advisors LLC grew its position 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 acquiring an additional 662 shares in the last quarter. Caitong International Asset Management Co. Ltd increased its stake in Legend Biotech by 1,730.3% during the fourth 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 during the last quarter. Raymond James Financial Inc. bought a new stake in Legend Biotech during the second quarter worth approximately $78,000. Finally, IFM Investors Pty Ltd purchased a new stake in Legend Biotech during the first quarter valued at approximately $81,000. 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.
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