Legend Biotech (NASDAQ:LEGN) Shares Gap Down – What’s Next?

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) gapped down before the market opened on Tuesday. The stock had previously closed at $24.29, but opened at $21.33. Legend Biotech shares last traded at $21.2470, with a volume of 952,578 shares traded.

Top Legend Biotech Stories

Here are a few of the latest stories about LEGN:

• Positive Sentiment: Legend reported Q3 earnings per share of $0.14, above the $0.01 consensus estimate. Revenue rose 32% year over year to $359.5 million, and CARVYKTI sales increased 36%. The company is also targeting adjusted profitability in 2026. Legend Biotech Q3 2026 Earnings Call Transcript
• Negative Sentiment: Investors focused on reports of decelerating U.S. demand for CARVYKTI. Management also expects Q4 gross margin in the high-50% range, a headwind to near-term profitability. Coverage of CARVYKTI demand Gross-margin outlook
• Negative Sentiment: Q3 revenue came in slightly below analyst expectations ($359.5 million versus about $361.5 million). Several firms cut price targets: Morgan Stanley to $43 from $49, Oppenheimer to $25 from $40, RBC to $50 from $56, and Barclays to $61 from $68. Oppenheimer recommendations Barclays recommendations

Wall Street Analyst Weigh In

Several research firms have weighed in on LEGN. HC Wainwright reiterated a “buy” rating on shares of Legend Biotech in a research note on Friday, October 30th. JPMorgan Chase & Co. cut their target price on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating for the company in a research report on Friday, October 9th. Barclays decreased their target price on shares of Legend Biotech from $68.00 to $61.00 and set an “overweight” rating for the company in a research note on Wednesday. Royal Bank Of Canada lowered their price target on shares of Legend Biotech from $56.00 to $50.00 and set an “outperform” rating on the stock in a report on Wednesday. Finally, Oppenheimer dropped their price target on shares of Legend Biotech from $40.00 to $25.00 and set a “market perform” rating on the stock in a research note on Wednesday. Nine investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $50.85.

Legend Biotech Stock Performance

The company has a market capitalization of $3.79 billion, a PE ratio of -1,952.05 and a beta of 0.55. The stock has a 50 day moving average price of $19.72 and a two-hundred day moving average price of $22.13.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, November 10th. The company reported $0.14 EPS for the quarter, beating the consensus estimate of $0.01 by $0.13. Legend Biotech had a negative return on equity of 0.03% and a negative net margin of 0.02%. The business had revenue of $359.50 million during the quarter, compared to analysts’ expectations of $361.46 million. During the same quarter in the previous year, the business posted ($0.05) EPS. The firm’s quarterly revenue was up 32.0% compared to the same quarter last year. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the stock in a transaction on Tuesday, September 29th. The shares were sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director owned 52,731 shares in the company, valued at $498,835.26. This represents a 34.17% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Carlos E. Santos sold 5,430 shares of the 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 transaction, the chief financial officer owned 14,246 shares in the company, valued at approximately $130,208.44. This trade represents a 27.60% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.02% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Assenagon Asset Management S.A. bought a new stake in Legend Biotech in the second quarter worth $55,307,000. Squarepoint Ops LLC raised its holdings in Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after buying an additional 289,772 shares in the last quarter. Renaissance Technologies LLC raised its holdings in Legend Biotech by 29.5% during the first quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after buying an additional 119,000 shares in the last quarter. Arrowstreet Capital Limited Partnership lifted its position in shares of Legend Biotech by 343.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after buying an additional 315,176 shares during the last quarter. Finally, Sei Investments Co. lifted its position in shares of Legend Biotech by 215.4% in the first quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock worth $5,878,000 after buying an additional 221,899 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

About Legend Biotech

Legend Biotech is a biotechnology company focused on developing cell therapies for cancer, with an emphasis on chimeric antigen receptor (CAR) T-cell treatments. Founded in 2014, the company is headquartered in Somerset, New Jersey, and conducts research and development activities in the United States and China. Its lead product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma. Legend developed the therapy with Janssen, now part of Johnson & Johnson’s Innovative Medicine business, which collaborates on its commercialization.