Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Raiffeisen Bank International AG

Raiffeisen Bank International AG reduced its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 42.9% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 80,000 shares of the company’s stock after selling 60,000 shares during the period. Raiffeisen Bank International AG’s holdings in Legend Biotech were worth $2,351,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the business. Suvretta Capital Management LLC increased its position in shares of Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after acquiring an additional 2,790,620 shares during the last quarter. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 1.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock valued at $134,020,000 after purchasing an additional 70,191 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Legend Biotech by 120.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after purchasing an additional 1,188,449 shares in the last quarter. Assenagon Asset Management S.A. acquired a new stake in Legend Biotech during the 2nd quarter valued at approximately $55,307,000. Finally, Alliancebernstein L.P. increased its holdings in Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after purchasing an additional 72,371 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Stock Down 1.1%

NASDAQ:LEGN opened at $21.52 on Friday. The company has a market cap of $4.17 billion, a PE ratio of -86.08 and a beta of 0.40. The business’s 50 day moving average is $22.72 and its two-hundred day moving average is $23.53. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $37.50.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $387.50 million during the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The business’s quarterly revenue was up 51.9% on a year-over-year basis. During the same period in the previous year, the business earned $0.03 EPS. As a group, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current fiscal year.

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.02% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on LEGN shares. Morgan Stanley set a $65.00 target price on Legend Biotech in a research note on Friday. Oppenheimer cut shares of Legend Biotech from an “outperform” rating to a “market perform” rating and cut their price target for the company from $75.00 to $40.00 in a report on Wednesday, August 12th. TD Cowen cut their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a report on Wednesday, August 12th. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective on the stock. Finally, Weiss Ratings raised shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday. Eight analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $53.43.

Legend Biotech Company 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.