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

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 5,566 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Legend Biotech Price Performance

NASDAQ LEGN opened at $29.89 on Thursday. The firm has a market cap of $5.55 billion, a PE ratio of -43.96 and a beta of 0.34. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $45.30. The stock’s 50 day simple moving average is $29.11 and its 200 day simple moving average is $22.98.

Legend Biotech (NASDAQ:LEGN) last announced 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 company had revenue of $305.10 million during the quarter, compared to the consensus estimate of $306.51 million. During the same period in the prior year, the firm posted ($0.07) earnings per share. The company’s revenue was up 56.5% on a year-over-year basis.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently made changes to their positions in the company. Parallel Advisors LLC increased its position in shares of Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock valued at $38,000 after buying an additional 1,323 shares in the last quarter. Avidity Partners Management LP acquired a new position in Legend Biotech in the first quarter valued at about $271,000. ADAR1 Capital Management LLC acquired a new position in Legend Biotech in the first quarter valued at about $362,000. California State Teachers Retirement System acquired a new position in Legend Biotech in the first quarter valued at about $214,000. Finally, Royal Bank of Canada increased its holdings in shares of 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 acquiring an additional 2,611 shares in the last quarter. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on LEGN. Jefferies Financial Group reiterated a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a research report on Tuesday, March 10th. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Wednesday, June 24th. Royal Bank Of Canada upped their price target on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. HC Wainwright raised their price target on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Morgan Stanley lowered their price objective on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $60.23.

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.