Legend Biotech (NASDAQ:LEGN) Stock Breaks Above Two Hundred Day Moving Average – Should You Sell?

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $22.10 and traded as high as $23.72. Legend Biotech shares last traded at $22.77, with a volume of 3,155,575 shares trading hands.

Wall Street Analyst Weigh In

LEGN has been the topic of several recent research reports. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research report on Friday, October 30th. TD Cowen dropped their price objective on Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. Royal Bank Of Canada cut their price target on shares of Legend Biotech from $58.00 to $56.00 and set an “outperform” rating for the company in a report on Thursday, October 8th. UBS Group reissued a “buy” rating and set a $65.00 price target on shares of Legend Biotech in a research note on Monday, September 28th. Finally, Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Monday, October 19th. Nine equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $54.69.

Legend Biotech Stock Performance

The stock has a market capitalization of $4.41 billion, a price-to-earnings ratio of -91.08 and a beta of 0.55. The firm has a fifty day moving average of $19.58 and a 200-day moving average of $22.10.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. Legend Biotech’s revenue for the quarter was up 51.9% on a year-over-year basis. During the same period in the previous year, the company posted $0.03 EPS. On average, analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.08 EPS for the current year.

Insider Activity at Legend Biotech

In related news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of Legend Biotech stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the completion of the transaction, the director directly owned 52,731 shares in the company, valued at approximately $498,835.26. This trade represents a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Carlos E. Santos sold 5,430 shares of Legend Biotech stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the completion of the transaction, the chief financial officer directly owned 14,246 shares of the company’s stock, valued at approximately $130,208.44. This represents a 27.60% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.02% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. increased its position in Legend Biotech by 2.1% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,268 shares of the company’s stock worth $3,526,000 after buying an additional 3,707 shares during the period. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Legend Biotech during the third quarter worth approximately $136,000. China Universal Asset Management Co. Ltd. grew its holdings in Legend Biotech by 25.1% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,805 shares of the company’s stock worth $316,000 after buying an additional 3,372 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in Legend Biotech by 20.9% during the 3rd quarter. Asset Management One Co. Ltd. now owns 12,782 shares of the company’s stock valued at $254,000 after acquiring an additional 2,207 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its position in Legend Biotech by 11.2% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 23,892 shares of the company’s stock worth $475,000 after acquiring an additional 2,406 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

About Legend Biotech

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.