Legend Biotech (NASDAQ:LEGN) Shares Gap Down – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares gapped down before the market opened on Thursday . The stock had previously closed at $33.52, but opened at $29.66. Legend Biotech shares last traded at $29.3660, with a volume of 2,613,364 shares changing hands.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on LEGN. Royal Bank Of Canada boosted their price objective on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Morgan Stanley dropped their price objective on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, June 3rd. HC Wainwright boosted their price objective on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Finally, Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Stock Performance

The firm has a market capitalization of $5.30 billion, a PE ratio of -42.03 and a beta of 0.35. The company has a fifty day simple moving average of $27.27 and a two-hundred day simple moving average of $22.78.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. During the same quarter in the prior year, the company posted ($0.07) earnings per share. Legend Biotech’s quarterly revenue was up 56.5% compared to the same quarter last year. On average, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current fiscal year.

Insider Buying and Selling at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the company’s stock in a transaction on Wednesday, March 25th. The stock was 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 directly owned 247,438 shares in the company, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.02% of the company’s stock.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently made changes to their positions in LEGN. Clearstead Advisors LLC lifted its holdings in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC lifted its holdings in shares of Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after acquiring an additional 3,374 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Legend Biotech in the 2nd quarter worth $78,000. Finally, IFM Investors Pty Ltd bought a new position in shares of Legend Biotech in the 1st quarter worth $81,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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.