Legend Biotech (NASDAQ:LEGN) CEO Ying Huang Sells 5,566 Shares of Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 5,566 shares of the stock in a transaction 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 transaction, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.

Legend Biotech Stock Up 2.4%

Shares of NASDAQ:LEGN opened at $29.39 on Tuesday. The stock has a market cap of $5.46 billion, a PE ratio of -43.22 and a beta of 0.35. The company’s fifty day moving average is $28.86 and its 200 day moving average is $22.89. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results 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 business had revenue of $305.10 million for 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%. The business’s quarterly revenue was up 56.5% on a year-over-year basis. During the same quarter in the previous year, the company earned ($0.07) earnings per share. Sell-side analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.05 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LEGN. Royal Bank Of Canada lifted their price target on Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. HC Wainwright increased their price objective on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group restated a “buy” rating and issued a $69.00 target price on shares of Legend Biotech in a report on Tuesday, March 10th. TD Cowen lifted their target price on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Finally, UBS Group upped their price target on shares of Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Eleven research 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’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $60.23.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors and hedge funds have recently bought and sold shares of LEGN. Clearstead Advisors LLC increased its stake in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC raised its holdings in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares in the last quarter. Caitong International Asset Management Co. Ltd lifted its stake in Legend Biotech by 1,730.3% in 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 period. Raymond James Financial Inc. bought a new stake in Legend Biotech in the second quarter valued at $78,000. Finally, IFM Investors Pty Ltd bought a new stake in Legend Biotech in the first quarter valued at $81,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

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.