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Why did Legend Biotech Corporation (LEGN) face headwinds in the after-hours on Monday?

Legend Biotech Corporation (LEGN) shares declined 8.82% in after-hours on Monday, November 1, 2021, and closed the daily trading session at $48.05. However, in the regular trading session, LEGN’s stock gained 0.38%. LEGN shares have risen 103.71% over the last 12 months, and they have moved up 1.93% in the past week. Over the past three months, the stock has gained 17.56%, while over the past six months, it has jumped 73.53%.

Let’s have a brief discussion about its recent developments.


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Update about LEGN ciltacabtagene autoleucel

On November 01, 2021, the U.S. Food and Drug Administration extended the Prescription Drug User Fee Act (PDUFA) target date for Legend Biotech Corporation (LEGN)’s ciltacabtagene autoleucel (cilta-cel) to February 28, 2022.

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The Biologics License Application (BLA) was submitted by Legend Biotech’s collaboration partner Janssen Biotech, Inc. Cilta-cel is a BCMA-directed chimeric antigen receptor T cell (CAR-T) therapy being investigated for the treatment of adults with relapsed and/or refractory multiple myeloma.

LEGN Hosted First R&D Day

Legend Biotech Corporation (LEGN) hosted its first Research & Development Day on Monday, October 18, at Andaz 5th Avenue in New York.

The company featured its advancement on hematological and oncological indications and expanding cell therapy capabilities, including its B cell maturation antigen (BCMA) clinical development program.

LEGN Phase 1 Clinical Trial of Anti-CD4 CAR-T Therapy

On September 13, 2021, Legend Biotech Corporation (LEGN) commenced Phase 1 clinical trial in the United States for LB1901, an investigational autologous CD4-targeted chimeric antigen receptor T-cell (CAR-T) therapy for the treatment of adults with relapsed or refractory peripheral T-cell lymphoma.

The Phase 1 trial is an open-label, multi-centre and multicohort clinical study in patients with relapsed or refractory PTCL or CTCL and is led by Dr Swaminathan P. Iyer, Professor of Lymphoma & Myeloma at The University of Texas MD Anderson Cancer Center.

LEGN participation in the health conference

Legend Biotech Corporation (LEGN) recently participated in the 19th Annual Morgan Stanley Virtual Global Healthcare Conference which was held on Friday, September 10. The company was presented by Ying Huang, Chief Executive Officer and Chief Financial Officer, during the event.

LEGN recent financial results

On August 23, 2021, Legend Biotech Corporation (LEGN) announced its 2021 second quarter unaudited financial results.

Q2 2021 financial highlights

  • LEGN reported revenue of $20.2 million in Q2 2021 compared to $11.6 million for the three months ended June 30, 2020.
  • In Q2 2021, research and development expenses were$83.5 million compared to $53.6 million in Q2 2020.
  • Administrative expenses were $9.2 million in Q2 2021 compared to $4.5 million in Q2 2020.
  • It suffered a net loss of 91.6 million, or $0.33 per share in Q2 2021 compared to a net loss of $134.9 million, or $0.63 per share in Q2 2020.
  • Legend Biotech had approximately $488.2 million of cash and cash equivalents and approximately $174.6 million in time deposits at the end of second-quarter 2021.

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Conclusion

The recent extension in the target date was the reason behind its after-hours loss on Monday. Let’s see how it performs in the coming trading session on Tuesday.

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