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Tag: LEGN STOCK

  • Legend Biotech Corp. (LEGN) Stock Soaring Premarket Following FDA Approval of its Product.

    Legend Biotech Corp. (LEGN) is an international, clinical-stage company focused on the treatment of life-threatening diseases. It develops a unique array of technology portfolios, including TCR-T, and NK cell-based immunotherapy. The lead candidate of the company is ciltacabtagene autoleucel, CAR-T cell therapy for treating multiple myeloma.

    The price of LEGN stock during the regular trading on February 28, 2022, was $39.5 with a gain of 3.05%. At last check in the premarket on March 1, 2022, the stock escalated by 8.06%.

    LEGN: Events and Happenings

    On March 1, 2022, LEGN reported the approval of its preliminary product CARVYKTI or cilta-cel by the FDA.  It will now be used in the treatment of patients with relapsed or refractory multiple myeloma. The company had already entered into a global licensing and collaboration contract with Janssen Biotech, for the development and commercialization of cilta-cel.

    On February 18, 2022, LEGN updated the preliminary financial outcomes for the fiscal year ended December 31, 2021. The company’s net loss of the period will be $365.3 million to $397.4 million. On February 15, 2022, LEGN announced that FDA had put a clinical hold on the company’s Phase 1 clinical trial for LB1901. It is used for the treatment of patients with relapsed or refractory T-cell lymphoma.

    On January 4, 2022, LEGN informed that its Executive management presented at the Virtual 40th Annual J.P. Morgan Healthcare Conference held on January 11, 2022. ON December 16, 2021, LEGN reported the pricing of an underwritten public offering of 7,500,000 ADS, at a public offering price of $40.00 per ADS. The total gross proceeds from the offering were expected to be approximately $300.0 million.

    LEGN: Key Financials

    On November 16, 2021, LEGN released its quarterly financial statement for the third quarter of 2021 ended September 30, 2021. Some of the key observations are discussed below.

    Revenue

    Revenue in Q3 2021 was $16.9 million as opposed to $11.7 million in the same quarter in 2020. The company observed an improvement of $5.2 million in its revenue over the year. The company topped the analysts’ expectations by $9.05 million.

    EPS

    Basic and diluted net loss in Q3 2021 was $124.8 million or $0.43 per share contrary to $66.5 million or $0.25 per share in the same period of 2020. The company observed a decline in its EPS over the year. Also, the company missed the EPS estimates of the analysts by -$0.08.

    Conclusion

    LEGN stock outperformed in the past few months as the company recorded a 49% gain in its stock price for the period. The company’s recent statement is the factor that impacted its premarket stock position. The company reported groundbreaking news of the approval of CARVYKTI by the FDA and in return, its stock escalated. The earnings release date is also advancing and the company expects revenue of $14.2 million against EPS of -$0.44.

  • Proposed Public Offering: Legend Biotech Corporation (LEGN) stock Dives Further Premarket

    Legend Biotech Corporation (LEGN) lost a further 8.43% at $44.45 premarket, at the last check on Wednesday. The stock has been trading in the red since the company announced a proposed public offering on December 14.

    In the previous session, the stock moved between $48.18 and $50.56, to close at $48.54. Hence, LEGN stock lost 4.20% on Tuesday. This fall has continued in the premarket, as the stock was down by $4.09 at the time of writing.

    Currently, the 145.33 million outstanding shares of the company trade at a market capitalization of $7.33 billion.

    LEGN’s Proposed Public Offering

    As per Tuesday’s announcement, in an underwritten public offering, the company will offer $300 million of its American Depository Shares (ADS). Further, each of the ADS will represent two ordinary shares. Moreover, LEGN will also offer a 30-day option for buying $45 million of additional ADSs to the underwriters. In addition, the price of these additional ADSs will be the same as that of the original public offering.

    The actual size, terms, and closing of the offering were not disclosed in the announcement.

    CARTITUDE-1 Updates

    On December 13, the company shared updated results from its CARTITUDE-1 clinical development program. These were presented at the 63rd American Society of Hematology (ASH) Annual Meeting and Exposition.

    The CARTITUDE clinical development program is designed for studying cilta-cel in the treatment of multiple myeloma. Moreover, the cilta-cel is LEGN’s investigational therapy as a one-time treatment for the disease.

    According to the new results, 97 patients with RRMM (relapsed or refractory multiple myeloma) showed ORR (overall response rate) of 98%. Furthermore, 83% of the patients had achieved sCR (stringent complete response) at 21.7 months follow-up. The 2-year PFS (progression-free survival) and OS (overall survival) rate was 61% and 74% respectively. Moreover, the median PFS and median OS had not been reached.

    While patients with RRMM have very limited options left, the positive updated results of cilta-cel may provide them with durable responses.

    LEGN’s Financials

    On November 16, the company disclosed its third-quarter financial results for 2021. According to the results, LEGN had revenue of $16.9 million in the third quarter of 2021. In comparison, the revenue was $11.7 million in the third quarter of 2020.

    Further, the company incurred a net loss of $124.8 million or $0.43/share in the third quarter of 2021. This compares to $66.5 million or $0.25/share in the year-ago quarter.