Legend Biotech (NASDAQ:LEGN) Stock: Insider Carlos Santos Sells 5,430 Shares

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CFO Carlos Santos sold 5,430 shares of the business’s stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the sale, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. This represents a 27.60% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Legend Biotech Stock Up 3.3%

NASDAQ LEGN opened at $19.06 on Friday. The company has a 50-day simple moving average of $20.31 and a two-hundred day simple moving average of $23.58. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $37.50. The firm has a market cap of $3.69 billion, a price-to-earnings ratio of -76.24 and a beta of 0.40.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The company’s quarterly revenue was up 51.9% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.03 earnings per share. Equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC boosted its stake in Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after purchasing an additional 1,323 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Legend Biotech during the 2nd quarter valued at about $92,000. Clearstead Advisors LLC increased its stake 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 purchasing an additional 2,632 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in Legend Biotech by 1,730.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after buying an additional 3,374 shares during the last quarter. Finally, IFM Investors Pty Ltd purchased a new position in Legend Biotech in the first quarter worth about $81,000. 70.89% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on LEGN shares. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 price target for the company. Oppenheimer downgraded shares of Legend Biotech from an “outperform” rating to a “market perform” rating and lowered their price objective for the company from $75.00 to $40.00 in a research note on Wednesday, August 12th. Raymond James Financial reiterated an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a report on Monday, July 27th. Benchmark reissued a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Finally, Royal Bank Of Canada reduced their price target on Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $53.14.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company’s work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient’s immune system to recognize and attack cancer cells.

Legend Biotech’s lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.