Legend Biotech (NASDAQ:LEGN) Shares Down 7.3% – Should You Sell?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) dropped 7.3% on Monday . The stock traded as low as $30.49 and last traded at $30.2420. Approximately 512,697 shares traded hands during trading, a decline of 79% from the average daily volume of 2,442,772 shares. The stock had previously closed at $32.62.

Analysts Set New Price Targets

LEGN has been the subject of several recent research reports. HC Wainwright boosted their target price on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 target price on shares of Legend Biotech in a research note on Tuesday, March 10th. Royal Bank Of Canada boosted their target price on shares of Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Finally, TD Cowen boosted their target price on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Stock Up 6.3%

The firm’s 50-day moving average price is $25.31 and its 200 day moving average price is $22.47. The firm has a market cap of $6.22 billion, a P/E ratio of -49.25 and a beta of 0.35.

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

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of the company’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares in the company, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC lifted its holdings in Legend Biotech by 173.9% in the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after purchasing an additional 1,323 shares during the period. Avidity Partners Management LP acquired a new stake in Legend Biotech in the first quarter worth about $271,000. ADAR1 Capital Management LLC acquired a new stake in Legend Biotech in the first quarter worth about $362,000. California State Teachers Retirement System acquired a new stake in Legend Biotech in the first quarter worth about $214,000. Finally, Royal Bank of Canada lifted its holdings in Legend Biotech by 12.1% in the first quarter. Royal Bank of Canada now owns 24,261 shares of the company’s stock worth $439,000 after purchasing an additional 2,611 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

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.