Legend Biotech (NASDAQ:LEGN) Shares Climb 4.9% – Here’s What Happened

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) traded up 4.9% during mid-day trading on Monday. The company traded as high as $19.39 and last traded at $20.2150. 79,566 shares were traded during trading, a decline of 97% from the average session volume of 2,390,277 shares. The stock had previously closed at $19.27.

Analysts Set New Price Targets

Several research analysts recently issued reports on LEGN shares. Barclays cut their target price on shares of Legend Biotech from $74.00 to $68.00 and set an “overweight” rating for the company in a research report on Tuesday, October 13th. Morgan Stanley set a $65.00 price target on Legend Biotech in a research report on Friday, September 4th. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Monday, October 19th. UBS Group reaffirmed a “buy” rating and set a $65.00 price target on shares of Legend Biotech in a research note on Monday, September 28th. Finally, HC Wainwright reiterated a “buy” rating and set a $65.00 price objective on shares of Legend Biotech in a research report on Monday, September 28th. Nine equities research analysts have rated the stock with a Buy rating, five 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 an average price target of $54.69.

Legend Biotech Stock Up 7.4%

The company has a 50-day simple moving average of $19.54 and a two-hundred day simple moving average of $23.65. The stock has a market cap of $4.01 billion, a P/E ratio of -82.58 and a beta of 0.57.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. The business had revenue of $387.50 million during the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The firm’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.03 EPS. As a group, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.08 earnings per share for the current fiscal year.

Insider Activity

In other Legend Biotech news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the transaction, the director owned 52,731 shares of the company’s stock, valued at $498,835.26. This represents a 34.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Carlos E. Santos sold 5,430 shares of the company’s stock in a transaction that occurred on Monday, September 21st. The shares were sold at an average price of $9.14, for a total value of $49,630.20. Following the transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at $130,208.44. The trade was 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 company insiders.

Institutional Investors Weigh In On Legend Biotech

A number of large investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. bought a new position in shares of Legend Biotech during the second quarter valued at approximately $55,307,000. Squarepoint Ops LLC lifted its stake in Legend Biotech by 60.4% in the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock worth $22,216,000 after acquiring an additional 289,772 shares during the period. SG Americas Securities LLC lifted its stake in Legend Biotech by 44.1% in the first quarter. SG Americas Securities LLC now owns 535,658 shares of the company’s stock worth $9,690,000 after acquiring an additional 163,930 shares during the period. Renaissance Technologies LLC boosted its holdings in Legend Biotech by 29.5% in the first quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock valued at $9,439,000 after acquiring an additional 119,000 shares in the last quarter. Finally, Candriam S.C.A. boosted its holdings in Legend Biotech by 79.6% in the first quarter. Candriam S.C.A. now owns 470,292 shares of the company’s stock valued at $8,508,000 after acquiring an additional 208,477 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

Legend Biotech’s leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.