Why Is Legend Biotech Stock Falling Thursday?

Legend Biotech (LEGN) stock fell 7.52% in premarket trading Thursday after the cell therapy company announced an underwritten public offering of 7.7 million American Depositary Shares at $29.35 per ADS, expected to raise approximately $226 million. The decline comes despite the company's strong market position and analyst Buy rating with a $58.57 price target, though recent earnings showed a wider-than-expected loss and revenue slightly below consensus.