Legend Biotech (NASDAQ:LEGN) Stock Price Down 5.5% – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) shares were down 5.5% during mid-day trading on Monday . The company traded as low as $28.21 and last traded at $28.2510. 138,940 shares changed hands during trading, a decline of 94% from the average session volume of 2,475,325 shares. The stock had previously closed at $29.91.

Wall Street Analyst Weigh In

LEGN has been the topic of a number of recent research reports. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. UBS Group upped their target price on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. HC Wainwright increased their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Jefferies Financial Group reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a report on Tuesday, March 10th. Finally, Royal Bank Of Canada lifted their target price on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. 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’s stock. Based on data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Stock Performance

The firm has a 50 day simple moving average of $29.29 and a two-hundred day simple moving average of $23.08. The stock has a market cap of $5.21 billion, a P/E ratio of -41.25 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.07) EPS.

Insiders Place Their Bets

In related news, CEO Ying Huang sold 5,566 shares of the stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer 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 available at this hyperlink. 0.02% of the stock is owned by insiders.

Institutional Trading of Legend Biotech

A number of hedge funds and other institutional investors have recently made changes to their positions in LEGN. Parallel Advisors LLC lifted its stake 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 acquiring an additional 662 shares during the period. Clearstead Advisors LLC increased its stake 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 acquiring an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd raised its holdings in 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 worth $78,000 after purchasing an additional 3,374 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Legend Biotech during the second quarter worth approximately $78,000. Finally, IFM Investors Pty Ltd acquired a new stake in Legend Biotech in the first quarter worth approximately $81,000. 70.89% of the stock is currently owned by 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.