Why Is Legend Biotech Stock Falling Thursday?

Legend Biotech Corp. (NASDAQ: LEGN ) stock fell in Thursday’s premarket trading after the cell therapy company priced an underwritten public offering of 7.7 million American Depositary Shares (ADSs) at $29.35 per ADS. The offering is expected to raise about $226 million before underwriting discounts, commissions, and other expenses. Underwriters also received a 30-day option to purchase up to 1.155 million additional ADSs. Legend Biotech, which describes itself as the world’s largest standalone cell therapy company focused on cancer treatment , plans to use the proceeds for general corporate purposes. Recent Earnings In May, Legend Biotech reported an adjusted loss of 3 cents per share, wider than analysts’ expected loss of 2 cents . 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 the cash position should provide sufficient funding beyond 2026, when it expects to achieve company-wide profitability. ... Full story available on Benzinga.com