# Legend Biotech Corporation (LEGN)

> Source: Nexqual · https://nexqual.com/LEGN · data as of 2026-10-29 20:00 UTC · cite as "Nexqual, Legend Biotech Corporation (LEGN), nexqual.com/LEGN" · informational, not investment advice.

**Price:** USD 22.3 (-1.02% on the day) · last close of Oct 29, 2026; US market closed, not a live price. Prev close 22.53 · day 22.04–22.96 · 52w 16.24–37.5 · market cap $4.34B · NMS

## Key facts
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $480K; 4 not under a Rule 10b5-1 plan ($480K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (13 analysts), mean target USD 45.62 (range 24–68).
- Total return with dividends: 1Y -30.1% vs S&P 500 +14.8%; 5Y -57.5% vs S&P 500 +79.1%.
- Next earnings: 2026-11-10, EPS estimate USD 0.01, revenue estimate $360M. All companies reporting that day: https://nexqual.com/earnings/2026-11-10
- Dividend: LEGN paid no cash dividend in the last five years.
- Short interest: 16.91% of float (as of 2026-10-15), 6.1 days to cover.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-29 | Sanders Corazon (corsee) D. | Director | 27,370 | $259K | 34.2% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-09-21 | Santos Carlos E | Chief Financial Officer | 5,430 | $50K | 27.6% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-30 | Casey Patrick John | Director | 6,000 | $89K | 11% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-06-25 | Huang Ying | Chief Executive Officer | 5,566 | $82K | 2.2% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 13 analysts; mean target USD 45.62 (low 24, high 68).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-13 | Barclays | Target lowered | Overweight | $74 → $68 |
| 2026-10-09 | JP Morgan | Target lowered | Neutral | $35 → $33 |
| 2026-10-08 | RBC Capital | Target lowered | Outperform | $58 → $56 |
| 2026-09-30 | HC Wainwright & Co. | Reiterated | Buy | $65 |
| 2026-09-11 | Barclays | Target lowered | Overweight | $78 → $74 |
| 2026-09-04 | HC Wainwright & Co. | Reiterated | Buy | $65 |
| 2026-08-12 | Morgan Stanley | Target raised | Overweight | $48 → $49 |
| 2026-08-12 | TD Cowen | Target lowered | Hold | $29 → $24 |
| 2026-08-12 | Oppenheimer | Downgrade | Outperform → Perform | $75 → $40 |
| 2026-08-12 | RBC Capital | Target lowered | Outperform | $59 → $58 |
| 2026-08-12 | Barclays | Target lowered | Overweight | $80 → $78 |
| 2026-07-28 | HC Wainwright & Co. | Reiterated | Buy | $65 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-30) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -30.1% | -57.5% |
| S&P 500 (SPY) | +14.8% | +79.1% |
| Per year | -30.3% | -15.7% |
| Volatility (annualized) | 72.4% | 53.2% |
| Max drawdown | -53.1% (Jun 2026→Sep 2026) | -78.0% (Jul 2023→Mar 2026) |

## Dividends
LEGN paid no cash dividend in the last five years.

## Short interest
13,904,472 shares sold short, 16.91% of the float, as of Oct 15, 2026 (exchange short-interest report, published about twice a month). Prior report (Sep 15, 2026): 14,637,187 shares (-5.0%). Days to cover: 6.1 (short shares ÷ average daily volume).

## Peers (Biotechnology)
LGND (Ligand Pharmaceuticals Incorpor) USD 317.33 -0.45% · ORKA (Oruka Therapeutics, Inc.) USD 96.65 +0.71% · RYTM (Rhythm Pharmaceuticals, Inc.) USD 93.07 +1.20% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.39 -1.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.45 -0.04% · ABVX (Abivax SA) USD 89.06 -0.87%

## More
Full page: https://nexqual.com/LEGN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LEGN's own 20-F filed 2026-03-10 (https://www.sec.gov/Archives/edgar/data/1801198/000180119826000008/legn-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Janssen Pharmaceuticals | "In connection with the Janssen Agreement, we entered into a Component and Product Supply Agreement with Janssen Pharmaceuticals, Inc., dated as of October 6, 2025 (the "Raritan Supply Agreement") pursuant to which we wil…" |
| Supplier | Novartis Pharmaceuticals | "commercial supply agreements for BCMA CAR-T product with Novartis Pharmaceuticals Corporation (the "Novartis Supply Agreements"), pursuant to which Novartis agreed to manufacture cilta-cel for our clinical and commercial…" |
| Partner | Novartis Pharma | "In addition, in November 2023, we entered into a License Agreement with Novartis Pharma AG (the "Novartis License" |
| Partner | Genscript | "We rely on Genscript to provide certain services." |
| Partner | Nanjing Legend Biotech | "On June 27, 2025, Nanjing Legend Biotech Co., Ltd. entered into an Automation Project Agreement with Nanjing GenScript Biotech Co., Ltd., pursuant to which we and Genscript explored the development of an automated produc…" |
| Partner | Nanjing GenScript Biotech | "On June 27, 2025, Nanjing Legend Biotech Co., Ltd. entered into an Automation Project Agreement with Nanjing GenScript Biotech Co., Ltd., pursuant to which we and Genscript explored the development of an automated produc…" |
| Partner | Janssen Biotech | "•our ability to achieve specified milestones under our collaboration with Janssen Biotech, Inc., a Johnson & Johnson company ("Janssen") for cilta-cel or under other collaboration and license agreements we have entered i…" |
| Partner | AquaPoint | "6.Through a family trust, Ms. Wang and her family hold 32.98% of AquaPoint L.P., whose general partner is Genscript Corporation, the largest holder of our largest shareholder, Genscript Biotech Corporation." |
| Partner | Genscript Biotech | "6.Through a family trust, Ms. Wang and her family hold 32.98% of AquaPoint L.P., whose general partner is Genscript Corporation, the largest holder of our largest shareholder, Genscript Biotech Corporation." |
| Partner | Nanjing Probio Biotech | "Nanjing Legend Biotech Co., Ltd. entered into a Collaboration and License Agreement dated as of February 25, 2024 with Probio, pursuant to which we and Probio agreed to collaborate to develop and commercialize products u…" |
| Competitor | Johnson & Johnson (JNJ) | "•companies developing cell therapies targeting BCMA for the treatment of MM, including Arcellx, Inc./Kite, Autolus Therapeutics plc, Bristol-Myers Squibb, Co., Johnson & Johnson (the parent company of Janssen, our collab…" |

Other companies that name LEGN in their own reports (relationship from LEGN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | Caribou Biosciences, Inc. (CRBU) | 10-K 2026-03-05 | "Autologous cell therapies directed at BCMA have been commercialized by Bristol-Myers Squibb Company (Abecma®) and Legend Biotech Corporation with their partner Johnson & Johnson (Carvykti®)." |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.01 | $0.10 | -90.0% | $359.9M | 1 |
| Next quarter (ends 2026-12-31) | $0.09 | $0.16 | -43.8% | $382.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $-0.01 | $0.30 | −$0.31 | $1.44B | 1 |
| Next fiscal year (ends 2027-12-31) | $0.68 | $1.21 | -43.4% | $1.77B | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-10): ±24.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 22 | 99.1% | ±24.2% |
| 2026-12-18 | 50 | 102.6% | ±30.7% |
| 2027-01-15 | 78 | 65.4% | ±24.3% |
| 2027-02-19 | 113 | 67.3% | ±29.9% |
| 2027-03-19 | 141 | 59.3% | ±29.4% |
| 2027-05-21 | 204 | 75.1% | ±44.5% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| — | Quarter ended Jun 30, 2026 | $0.32 | $0.28 | Beat +14.3% | — |
| — | Quarter ended Dec 31, 2025 | −$0.16 | $0.19 | Miss −$0.35 | — |
| — | Quarter ended Sep 30, 2025 | −$0.22 | −$0.18 | Miss −22.2% | — |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-10-15 | 6-K | Current report (foreign issuer) · period ended Oct 15, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326006646/0001171843-26-006646-index.htm |
| 2026-10-13 | 6-K | Current report (foreign issuer) · period ended Oct 13, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326006593/0001171843-26-006593-index.htm |
| 2026-09-25 | 6-K | Current report (foreign issuer) · period ended Sep 24, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326006229/0001171843-26-006229-index.htm |
| 2026-09-24 | 6-K | Current report (foreign issuer) · period ended Sep 24, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326006215/0001171843-26-006215-index.htm |
| 2026-09-15 | 6-K | Current report (foreign issuer) · period ended Sep 15, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326006050/0001171843-26-006050-index.htm |
| 2026-09-14 | 6-K | Current report (foreign issuer) · period ended Sep 14, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326006027/0001171843-26-006027-index.htm |
| 2026-08-18 | 6-K | Current report (foreign issuer) · period ended Aug 18, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326005623/0001171843-26-005623-index.htm |
| 2026-08-11 | 6-K | Current report (foreign issuer) · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000180119826000022/0001801198-26-000022-index.htm |
| 2026-08-06 | 6-K | Current report (foreign issuer) · period ended Aug 6, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326005318/0001171843-26-005318-index.htm |
| 2026-08-06 | Schedule 13G/A | FMR LLC, Abigail P. Johnson: 15.0% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1801198/000031506626002041/0000315066-26-002041-index.htm |
| 2026-07-27 | 6-K | Current report (foreign issuer) · period ended Jul 27, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000119312526316760/0001193125-26-316760-index.htm |
| 2026-07-15 | 6-K | Current report (foreign issuer) · period ended Jul 15, 2026 | https://www.sec.gov/Archives/edgar/data/1801198/000117184326004649/0001171843-26-004649-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.