Braidwell LP Trims Stock Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Braidwell LP lessened its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 28.2% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 1,826,155 shares of the company’s stock after selling 715,949 shares during the quarter. Legend Biotech makes up 1.8% of Braidwell LP’s investment portfolio, making the stock its 18th biggest position. Braidwell LP’s holdings in Legend Biotech were worth $59,551,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Clearstead Advisors LLC grew its position in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares in the last quarter. OFI Invest Asset Management lifted its position in shares of Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after purchasing an additional 622 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares in the last quarter. Quantbot Technologies LP boosted its stake in shares of Legend Biotech by 5.4% in the second quarter. Quantbot Technologies LP now owns 17,615 shares of the company’s stock valued at $625,000 after purchasing an additional 906 shares during the period. Finally, Vontobel Holding Ltd. boosted its stake in shares of Legend Biotech by 8.7% in the third quarter. Vontobel Holding Ltd. now owns 11,713 shares of the company’s stock valued at $382,000 after purchasing an additional 941 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 1.6%

Legend Biotech stock opened at $18.75 on Friday. The company has a fifty day simple moving average of $19.37 and a 200-day simple moving average of $26.21. The stock has a market cap of $3.46 billion, a P/E ratio of -23.44 and a beta of 0.07. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, March 10th. The company reported $0.01 EPS for the quarter, beating the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The firm had revenue of $306.30 million for the quarter, compared to analyst estimates of $310.21 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. Legend Biotech’s revenue for the quarter was up 64.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities analysts have commented on LEGN shares. UBS Group dropped their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research note on Monday, December 8th. Rothschild & Co Redburn cut Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price objective on the stock. in a research note on Thursday, February 12th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. Finally, Jefferies Financial Group restated a “buy” rating and set a $69.00 price target on shares of Legend Biotech in a report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $58.31.

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.