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.
