Insider Selling: Legend Biotech (NASDAQ:LEGN) CEO Sells $82,265.48 in Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 5,566 shares of the 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 sale, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $29.91 on Friday. The firm has a market cap of $5.56 billion, a price-to-earnings ratio of -43.98 and a beta of 0.34. The firm has a 50 day simple moving average of $29.21 and a 200-day simple moving average of $23.03. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $45.30.

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). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. During the same quarter last year, the company earned ($0.07) earnings per share. Legend Biotech’s quarterly revenue was up 56.5% compared to the same quarter last year.

Institutional Trading of Legend Biotech

Several institutional investors have recently modified their holdings of LEGN. Suvretta Capital Management LLC grew its position in shares of Legend Biotech by 73.1% in the 4th quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after buying an additional 2,790,620 shares during the last quarter. Westfield Capital Management Co. LP raised its stake in Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock worth $134,020,000 after acquiring an additional 70,191 shares in the last quarter. Goldman Sachs Group Inc. lifted its position in Legend Biotech by 120.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after acquiring an additional 1,188,449 shares during the last quarter. Alliancebernstein L.P. grew its holdings in shares of Legend Biotech by 4.6% during the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after purchasing an additional 72,371 shares during the last quarter. Finally, State Street Corp grew its holdings in shares of Legend Biotech by 31.0% during the fourth quarter. State Street Corp now owns 1,516,368 shares of the company’s stock worth $32,966,000 after purchasing an additional 359,246 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday, June 24th. Royal Bank Of Canada increased their price target on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Jefferies Financial Group reiterated a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a research note on Tuesday, March 10th. Morgan Stanley lowered their price objective on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. Finally, TD Cowen upped their target price on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $60.23.

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.