Legend Biotech Corporation Sponsored ADR $LEGN Holdings Lessened by IvyRock Asset Management HK Ltd

IvyRock Asset Management HK Ltd trimmed its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 6.2% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 804,000 shares of the company’s stock after selling 52,900 shares during the quarter. Legend Biotech accounts for approximately 9.2% of IvyRock Asset Management HK Ltd’s holdings, making the stock its 2nd biggest holding. IvyRock Asset Management HK Ltd’s holdings in Legend Biotech were worth $17,479,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Clearstead Advisors LLC raised its position in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after buying an additional 367 shares in the last quarter. Parallel Advisors LLC raised its position in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after buying an additional 662 shares in the last quarter. Public Employees Retirement System of Ohio raised its position in shares of Legend Biotech by 31.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after buying an additional 900 shares in the last quarter. Vanguard Personalized Indexing Management LLC raised its position in shares of Legend Biotech by 19.1% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 7,345 shares of the company’s stock valued at $240,000 after buying an additional 1,177 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its position in shares of Legend Biotech by 4.9% during the 3rd quarter. Public Sector Pension Investment Board now owns 25,789 shares of the company’s stock valued at $841,000 after buying an additional 1,200 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

Legend Biotech stock opened at $34.20 on Friday. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $45.30. The firm has a market capitalization of $6.35 billion, a P/E ratio of -50.29 and a beta of 0.35. The company’s 50-day moving average is $24.39 and its 200 day moving average is $22.40.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. During the same period last year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 56.5% compared to the same quarter last year. Research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.03 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Ying Huang sold 9,936 shares of the stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the sale, the chief executive officer directly owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.02% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a research report on Thursday, February 12th. UBS Group upped their target price on shares of Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday. Weiss Ratings cut shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday. Finally, TD Cowen upped their target price on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech currently has an average rating of “Moderate Buy” and a consensus target price of $60.23.

Legend Biotech Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.