Legend Biotech (NASDAQ:LEGN) Shares Down 8.3% – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares fell 8.3% during mid-day trading on Monday . The stock traded as low as $25.40 and last traded at $24.9090. 1,535,745 shares traded hands during trading, a decline of 33% from the average session volume of 2,305,295 shares. The stock had previously closed at $27.16.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on LEGN. Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, May 20th. Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research report on Thursday, February 12th. Jefferies Financial Group reissued a “buy” rating and set a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Morgan Stanley reduced their price target on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Finally, Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $59.15.

Legend Biotech Price Performance

The stock’s 50 day moving average is $23.15 and its two-hundred day moving average is $22.35. The stock has a market capitalization of $4.64 billion, a PE ratio of -36.75 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $306.51 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The firm’s quarterly revenue was up 56.5% on a year-over-year basis. On average, equities analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.2 earnings per share for the current year.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the transaction, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.02% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Legend Biotech

Hedge funds have recently added to or reduced their stakes in the stock. Mutual of America Capital Management LLC purchased a new position in Legend Biotech in the third quarter valued at approximately $2,691,000. SG Americas Securities LLC increased its stake in Legend Biotech by 6,774.9% in the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock valued at $8,081,000 after purchasing an additional 366,321 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in Legend Biotech by 20.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares during the last quarter. Hudson Bay Capital Management LP increased its stake in Legend Biotech by 42.4% in the third quarter. Hudson Bay Capital Management LP now owns 220,000 shares of the company’s stock valued at $7,174,000 after purchasing an additional 65,500 shares during the last quarter. Finally, Triata Capital Ltd increased its stake in Legend Biotech by 50.5% in the third quarter. Triata Capital Ltd now owns 161,800 shares of the company’s stock valued at $5,276,000 after purchasing an additional 54,300 shares during 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.