Legend Biotech (NASDAQ:LEGN) Shares Climb 5.8% – Still a Buy?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) rose 5.8% during trading on Wednesday. The company traded as high as $20.00 and last traded at $19.92. 1,415,838 shares traded hands during trading, a decline of 42% from the average daily volume of 2,435,720 shares. The stock had previously closed at $18.82.

Wall Street Analysts Forecast Growth

LEGN has been the subject of a number of research analyst reports. UBS Group reaffirmed a “buy” rating and issued a $65.00 target price on shares of Legend Biotech in a report on Monday. Morgan Stanley set a $65.00 price target on Legend Biotech in a report on Friday, September 4th. Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 price objective on shares of Legend Biotech in a research note on Monday, July 27th. HC Wainwright reaffirmed a “buy” rating and set a $65.00 price objective on shares of Legend Biotech in a report on Monday. Finally, TD Cowen decreased their target price on Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research report on Wednesday, August 12th. Nine analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.79.

Legend Biotech Stock Up 5.3%

The stock has a fifty day moving average price of $20.06 and a two-hundred day moving average price of $23.57. The company has a market capitalization of $3.84 billion, a price-to-earnings ratio of -79.38 and a beta of 0.40.

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

Insider Activity at Legend Biotech

In other news, CFO Carlos Santos sold 5,430 shares of the business’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the completion of the transaction, the chief financial officer owned 14,246 shares of the company’s stock, valued at $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.02% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of LEGN. Assenagon Asset Management S.A. acquired a new stake in shares of Legend Biotech during the second quarter worth $55,307,000. Arrowstreet Capital Limited Partnership lifted its position in Legend Biotech by 343.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after buying an additional 315,176 shares during the period. Squarepoint Ops LLC lifted its position in Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock worth $22,216,000 after buying an additional 289,772 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in Legend Biotech in the 1st quarter worth about $4,039,000. Finally, Sei Investments Co. boosted its stake in Legend Biotech by 215.4% in the 1st quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock worth $5,878,000 after buying an additional 221,899 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

About Legend Biotech

Legend Biotech Corporation (NASDAQ: LEGN) is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company’s work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient’s immune system to recognize and attack cancer cells.

Legend Biotech’s lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.