Legend Biotech (NASDAQ:LEGN) Director Corazon (Corsee) Sanders Sells 27,370 Shares of Stock

Key Points

• Director Corazon Sanders sold 27,370 shares of Legend Biotech at an average price of $9.46, generating $258,920.20 and reducing her holdings by 34.17% to 52,731 shares.
• Legend Biotech shares fell 2.9% to $19.32 during Thursday trading, and the stock remains well below its 52-week high of $37.50.
• The company exceeded quarterly earnings and revenue expectations, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $55.79.

Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Get Free Report) Director Corazon (Corsee) Sanders sold 27,370 shares of the company's stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the transaction, the director owned 52,731 shares of the company's stock, valued at approximately $498,835.26. The trade was a 34.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Legend Biotech Trading Down 2.9%

Shares of NASDAQ:LEGN traded down $0.57 during midday trading on Thursday, hitting $19.32. The stock had a trading volume of 2,220,546 shares, compared to its average volume of 2,443,161. The company has a market capitalization of $3.74 billion, a PE ratio of -77.28 and a beta of 0.40. The stock has a 50 day moving average price of $19.99 and a two-hundred day moving average price of $23.57. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $37.50.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.02. The business had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The business's revenue was up 51.9% compared to the same quarter last year. During the same period in the previous year, the business posted $0.03 earnings per share. As a group, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.09 EPS for the current year.

Hedge Funds Weigh In On Legend Biotech

Hedge funds and other institutional investors have recently bought and sold shares of the company. Tidal Investments LLC increased its position in shares of Legend Biotech by 34.0% in the second quarter. Tidal Investments LLC now owns 240,476 shares of the company's stock valued at $6,945,000 after buying an additional 61,023 shares in the last quarter. Squarepoint Ops LLC boosted its position in shares of Legend Biotech by 60.4% in the 2nd quarter. Squarepoint Ops LLC now owns 769,252 shares of the company's stock worth $22,216,000 after buying an additional 289,772 shares in the last quarter. Nykredit A S acquired a new stake in Legend Biotech in the 2nd quarter valued at about $162,000. Allianz Asset Management GmbH acquired a new stake in Legend Biotech in the 2nd quarter valued at about $549,000. Finally, Corient Private Wealth LP purchased a new position in Legend Biotech during the 2nd quarter valued at about $436,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on LEGN shares. TD Cowen cut their target price on Legend Biotech from $29.00 to $24.00 and set a "hold" rating for the company in a research note on Wednesday, August 12th. Morgan Stanley set a $65.00 price target on Legend Biotech in a research note on Friday, September 4th. 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. Royal Bank Of Canada cut their price objective on Legend Biotech from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Finally, JPMorgan Chase & Co. started coverage on Legend Biotech in a research report on Monday, July 13th. They issued a "neutral" rating and a $35.00 price objective for the company. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus price target of $55.79.

Legend Biotech Company Profile

Legend Biotech Corporation NASDAQ: LEGN is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. Its research centers on chimeric antigen receptor T-cell (CAR-T) therapies, which use genetically modified immune cells to recognize and attack cancer cells.

The company's leading 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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