Carlos Santos Sells 5,430 Shares of Legend Biotech (NASDAQ:LEGN) Stock

Key Points

• Legend Biotech CFO Carlos Santos sold 5,430 shares at an average price of $9.14, generating $49,630.20. The sale reduced his direct holdings by 27.6% to 14,246 shares.
• Legend Biotech shares fell 1.0% to $18.45, near the lower end of their 52-week range. The company recently beat quarterly earnings and revenue expectations, reporting $0.09 EPS and $387.5 million in revenue, up 51.9% year over year.
• Analyst sentiment is mixed, with a consensus “Hold” rating and an average price target of $53.14; 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) CFO Carlos Santos sold 5,430 shares of the business'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 completion of the transaction, the chief financial officer directly owned 14,246 shares in the company, valued at approximately $130,208.44. The trade was a 27.60% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website.

Legend Biotech Trading Down 1.0%

Shares of Legend Biotech stock traded down $0.19 during trading hours on Wednesday, hitting $18.45. 2,408,381 shares of the company were exchanged, compared to its average volume of 2,457,368. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $37.50. The business has a 50-day moving average of $20.48 and a 200-day moving average of $23.58. The stock has a market capitalization of $3.58 billion, a price-to-earnings ratio of -73.80 and a beta of 0.40.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its 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. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The company had revenue of $387.50 million during the quarter, compared to analysts' expectations of $355.96 million. During the same quarter last year, the business earned $0.03 EPS. The business's revenue was up 51.9% on a year-over-year basis. As a group, research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Parallel Advisors LLC increased its position in shares of Legend Biotech by 173.9% in the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company's stock valued at $38,000 after buying an additional 1,323 shares in the last quarter. Clearstead Advisors LLC boosted its position in shares of Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company's stock worth $76,000 after buying an additional 2,632 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its stake in 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 valued at $78,000 after acquiring an additional 3,374 shares during the last quarter. IFM Investors Pty Ltd purchased a new position in Legend Biotech during the 1st quarter valued at about $81,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Legend Biotech during the 2nd quarter valued at about $92,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LEGN shares. Barclays dropped their target price on Legend Biotech from $78.00 to $74.00 and set an "overweight" rating on the stock in a research report on Friday, September 11th. JPMorgan Chase & Co. began coverage on Legend Biotech in a report on Monday, July 13th. They issued a "neutral" rating and a $35.00 price target for the company. Benchmark restated a "buy" rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Oppenheimer lowered Legend Biotech from an "outperform" rating to a "market perform" rating and dropped their price objective for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th. Finally, Weiss Ratings cut Legend Biotech from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Wednesday, September 16th. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Legend Biotech presently has a consensus rating of "Hold" and an average price target of $53.14.

About Legend Biotech

Legend Biotech Corporation NASDAQ: LEGN is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company's work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient's immune system to recognize and attack cancer cells.

Legend Biotech's lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.

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