Legend Biotech (NASDAQ:LEGN) Shares Down 8.3% – Here’s Why

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares traded down 8.3% during mid-day trading on Monday . The stock traded as low as $25.40 and last traded at $24.9090. 1,535,745 shares traded hands during trading, a decline of 33% from the average session volume of 2,305,295 shares. The stock had previously closed at $27.16.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Jefferies Financial Group reaffirmed a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a report on Tuesday, March 10th. Rothschild & Co Redburn downgraded shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a report on Thursday, February 12th. Morgan Stanley decreased their price objective on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. TD Cowen increased their price objective on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Finally, Barclays decreased their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Wednesday, February 4th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $59.15.

Legend Biotech Price Performance

The firm has a market cap of $4.64 billion, a PE ratio of -36.75 and a beta of 0.35. The stock’s fifty day moving average price is $23.15 and its 200-day moving average price is $22.35.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The business had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.Legend Biotech’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) EPS. On average, sell-side analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.2 earnings per share for the current fiscal year.

Insider Activity

In related 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 value of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares of the company’s stock, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

A number of hedge funds have recently modified their holdings of the company. Clearstead Advisors LLC grew its holdings in shares of Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of Legend Biotech by 5.8% in the first quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after purchasing an additional 570 shares during the period. Invesco Ltd. lifted its position in Legend Biotech by 4.4% in the fourth quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock valued at $298,000 after buying an additional 581 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its position in Legend Biotech by 3.1% in the first quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company’s stock valued at $366,000 after buying an additional 607 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares during the last quarter. Hedge funds and other institutional investors 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.