Legend Biotech (NASDAQ:LEGN) CEO Ying Huang Sells 9,936 Shares of Stock

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) CEO Ying Huang sold 9,936 shares of the stock in a transaction that occurred on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer owned 247,438 shares in the company, valued at $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $16.80 on Friday. The firm’s 50 day moving average price is $18.43 and its two-hundred day moving average price is $25.01. The stock has a market cap of $3.11 billion, a PE ratio of -21.00 and a beta of 0.07. Legend Biotech Corporation Sponsored ADR has a 52-week low of $16.24 and a 52-week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. The company had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The firm’s quarterly revenue was up 64.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.07 EPS. As a group, sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently issued reports on LEGN. TD Cowen restated a “hold” rating and set a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of Legend Biotech in a research report on Monday, December 29th. Royal Bank Of Canada dropped their price target on Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 11th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. Finally, HC Wainwright dropped their target price on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating on the stock in a report on Thursday, January 22nd. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and a consensus target price of $58.31.

Institutional Investors Weigh In On Legend Biotech

Several hedge funds have recently bought and sold shares of LEGN. Clearstead Advisors LLC increased its position in Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the last quarter. Invesco Ltd. lifted its position in shares of Legend Biotech by 4.4% in the fourth quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock valued at $298,000 after buying an additional 581 shares during the last quarter. OFI Invest Asset Management boosted its stake in shares of Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares during the period. Parallel Advisors LLC boosted its stake 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 worth $34,000 after acquiring an additional 662 shares during the period. Finally, Fox Run Management L.L.C. increased its holdings in shares of Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock worth $452,000 after acquiring an additional 863 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

About Legend Biotech

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.