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

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

Wall Street Analyst Weigh In

A number of 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 note on Thursday, July 30th. Benchmark restated a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Morgan Stanley upped their target price on shares of Legend Biotech from $48.00 to $49.00 and gave the stock an “overweight” rating in a report on Wednesday, August 12th. TD Cowen cut their price target on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, August 12th. Finally, Raymond James Financial restated an “outperform” rating and issued a $58.00 price objective on shares of Legend Biotech in a research report on Monday, July 27th. Eight equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Legend Biotech currently has a consensus rating of “Hold” and an average target price of $52.29.

Legend Biotech Stock Up 5.8%

The firm’s fifty day moving average price is $25.64 and its 200 day moving average price is $23.19. The stock has a market cap of $4.06 billion, a PE ratio of -87.40 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million during the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. Legend Biotech’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.03 earnings per share. As a group, analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.01 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 0.02% of the stock is owned by company insiders.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently made changes to their positions in LEGN. The Manufacturers Life Insurance Company grew its holdings in Legend Biotech by 5.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after buying an additional 570 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock worth $298,000 after acquiring an additional 581 shares in the last quarter. Resona Asset Management Co. Ltd. boosted its position in shares of Legend Biotech by 3.1% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company’s stock valued at $366,000 after acquiring an additional 607 shares during the last quarter. Parallel Advisors LLC boosted its position in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares during the last quarter. Finally, Fox Run Management L.L.C. grew its holdings in shares of Legend Biotech by 4.3% in the fourth quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock valued at $452,000 after purchasing an additional 863 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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.