Legend Biotech (Legend Biotech (LEGN)) shares took a hit in Thursday's premarket trading after the cell therapy company announced it had priced an underwritten public offering of 7.7 million American Depositary Shares (ADSs) at $29.35 per ADS. The offering is expected to raise roughly $226 million before underwriting discounts and other expenses. Underwriters also have a 30-day option to purchase up to an additional 1.155 million ADSs.
Legend Biotech, which bills itself as the world's largest standalone cell therapy company focused on cancer treatment, plans to use the proceeds for general corporate purposes. The stock was down 11.99% at $29.50 in premarket trading, according to market data.
Recent Earnings
In May, Legend Biotech reported an adjusted loss of 3 cents per share, wider than the 2-cent loss analysts had expected. Revenue came in at $305.1 million, slightly below the consensus estimate of $307.0 million. The company ended the quarter with $834.6 million in cash, cash equivalents, and time deposits as of March 31, 2026. Management said that cash position should provide sufficient funding beyond 2026, when it expects to achieve company-wide profitability.
LEGN Technical Outlook: Key Support, Resistance And Momentum
The stock's current price of $31.00 is 2.8% below its 20-day simple moving average (SMA) of $31.90, indicating a short-term bearish trend. The moving average convergence divergence (MACD) is below its signal line, suggesting that upside momentum is fading unless the stock can reclaim that baseline.
- Key Resistance: $33.50 — a nearby level where rebounds can stall.
- Key Support: $25.50 — a nearby level where buyers previously stepped in.
Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $58.57. Recent analyst moves include:
- UBS: Buy (Raises forecast to $49.00) (June 3)
- HC Wainwright & Co.: Buy (Raises forecast to $65.00) (June 3)
How Legend Biotech Ranks On Momentum And Market Signals
According to market data, Legend Biotech's momentum score is bullish at 89.19, indicating the stock is outperforming the broader market. The verdict: Legend Biotech's signal reveals a strong momentum-driven story. The company is well-positioned in the biopharmaceutical sector, particularly with its innovative cell therapies.
LEGN ETF Exposure: Funds With The Biggest Positions
- Harbor Health Care ETF (MEDI): 3.98% Weight
- Matthews Emerging Markets Discovery Active ETF (MEMS): 2.50% Weight
