Legend Biotech (NASDAQ:LEGN) Trading Down 6% – Time to Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)’s stock price traded down 6% during mid-day trading on Wednesday . The company traded as low as $23.64 and last traded at $24.1280. 1,179,142 shares changed hands during trading, a decline of 51% from the average session volume of 2,429,631 shares. The stock had previously closed at $25.67.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. TD Cowen boosted their target price on Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Morgan Stanley reduced their price target on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Royal Bank Of Canada lowered their price target on Legend Biotech from $64.00 to $63.00 and set an “outperform” rating for the company in a research report on Tuesday, July 7th. Weiss Ratings cut shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 10th. Finally, Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Nine equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $57.00.

Legend Biotech Stock Performance

The firm has a 50-day moving average of $29.44 and a 200-day moving average of $23.33. The firm has a market capitalization of $4.22 billion, a P/E ratio of -33.40 and a beta of 0.34.

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

Insider Buying and Selling

In related news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the sale, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.02% of the company’s stock.

Hedge Funds Weigh In On Legend Biotech

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parallel Advisors LLC boosted its holdings in shares of 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. Clearstead Advisors LLC raised its holdings in shares of Legend Biotech by 310.7% during the fourth 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 during the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Legend Biotech by 1,730.3% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after purchasing an additional 3,374 shares during the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech during the second quarter valued at approximately $78,000. Finally, IFM Investors Pty Ltd bought a new position in Legend Biotech during the first quarter valued at approximately $81,000. Institutional investors own 70.89% of the company’s stock.

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.