Legend Biotech (NASDAQ:LEGN) Shares Up 5.8% – What’s Next?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shot up 5.8% during trading on Tuesday . The stock traded as high as $21.90 and last traded at $21.8380. Approximately 1,894,033 shares were traded during trading, a decline of 24% from the average session volume of 2,502,250 shares. The stock had previously closed at $20.65.

Analyst Ratings Changes

LEGN has been the subject of a number of recent research reports. Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, July 30th. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. HC Wainwright reiterated a “buy” rating and issued a $65.00 price target on shares of Legend Biotech in a research report on Tuesday, July 28th. TD Cowen dropped their price target on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research report on Wednesday, August 12th. Finally, Oppenheimer cut Legend Biotech from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $75.00 to $40.00 in a research note on Wednesday, August 12th. Eight research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.29.

Legend Biotech Price Performance

The business has a 50-day moving average of $25.64 and a 200-day moving average of $23.19. The company has a market capitalization of $4.06 billion, a P/E ratio of -87.40 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. The business had revenue of $387.50 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.03 earnings per share. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.01 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Ying Huang sold 5,566 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the sale, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Parallel Advisors LLC grew its stake 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 buying an additional 662 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $78,000. Public Employees Retirement System of Ohio bought a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $92,000. Harvest Fund Management Co. Ltd purchased a new position in Legend Biotech during the 3rd quarter valued at $104,000. Finally, Clearstead Advisors LLC boosted its holdings in Legend Biotech by 310.7% during the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after acquiring an additional 2,632 shares during the period. 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.