Legend Biotech (NASDAQ:LEGN) CEO Sells $87,138.72 in Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 9,936 shares of the firm’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 transaction, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Legend Biotech Price Performance

Shares of LEGN opened at $16.80 on Friday. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The stock’s 50-day moving average is $18.43 and its two-hundred day moving average is $25.07. The stock has a market cap of $3.11 billion, a PE ratio of -21.00 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. The business had revenue of $306.30 million during the quarter, compared to analyst estimates of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The company’s revenue for the quarter was up 64.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.07 earnings per share. On average, research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on LEGN shares. HC Wainwright dropped their price objective on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, January 22nd. Morgan Stanley lowered their price target on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Wednesday, March 11th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. Rothschild & Co Redburn lowered 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. Finally, Barclays decreased their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research report on Wednesday, February 4th. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.

Hedge Funds Weigh In On Legend Biotech

Institutional investors and hedge funds have recently made changes to their positions in the business. Clearstead Advisors LLC grew its position in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares in the last quarter. Invesco Ltd. raised its holdings 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 acquiring an additional 581 shares in the last quarter. OFI Invest Asset Management raised its holdings in Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after acquiring an additional 622 shares in the last quarter. Parallel Advisors LLC boosted its stake in 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. boosted its stake in Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock valued at $452,000 after acquiring an additional 863 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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.