Legend Biotech (NASDAQ:LEGN) Shares Break Above Fifty Day Moving Average – Here’s What Happened

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $19.52 and traded as high as $21.04. Legend Biotech shares last traded at $20.39, with a volume of 2,369,606 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on LEGN. TD Cowen cut their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. Weiss Ratings lowered shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Monday, October 19th. Morgan Stanley set a $65.00 price target on shares of Legend Biotech in a research report on Friday, September 4th. Oppenheimer cut shares of Legend Biotech from an “outperform” rating to a “market perform” rating and dropped their price target for the company from $75.00 to $40.00 in a research report on Wednesday, August 12th. Finally, Barclays lowered their price objective on shares of Legend Biotech from $74.00 to $68.00 and set an “overweight” rating for the company in a research report on Tuesday, October 13th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $54.69.

Legend Biotech Stock Up 5.8%

The company’s 50-day moving average price is $19.52 and its 200-day moving average price is $22.14. The firm has a market cap of $3.95 billion, a price-to-earnings ratio of -81.56 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million during the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The business’s quarterly revenue was up 51.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.03 earnings per share. On average, sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Legend Biotech news, CFO Carlos E. Santos sold 5,430 shares of the business’s stock in a transaction 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 in the company, valued at $130,208.44. The trade was a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the sale, the director directly owned 52,731 shares in the company, valued at $498,835.26. This represents a 34.17% decrease in their position. The SEC filing for this sale provides additional information. 0.02% of the stock is owned by corporate insiders.

Institutional Trading of Legend Biotech

Several hedge funds have recently modified their holdings of LEGN. Oppenheimer & Co. Inc. grew its stake in Legend Biotech by 11.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 23,892 shares of the company’s stock worth $475,000 after purchasing an additional 2,406 shares in the last quarter. Vontobel Holding Ltd. increased its holdings in Legend Biotech by 39.0% during the 3rd quarter. Vontobel Holding Ltd. now owns 17,526 shares of the company’s stock worth $349,000 after purchasing an additional 4,915 shares during the period. Toth Financial Advisory Corp purchased a new stake in Legend Biotech during the 3rd quarter worth about $50,000. Tidal Investments LLC raised its position in Legend Biotech by 34.0% in the 2nd quarter. Tidal Investments LLC now owns 240,476 shares of the company’s stock valued at $6,945,000 after purchasing an additional 61,023 shares in the last quarter. Finally, Squarepoint Ops LLC raised its position in Legend Biotech by 60.4% in the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after purchasing an additional 289,772 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

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