Hudson Bay Capital Management LP Has $7.17 Million Stake in Legend Biotech Corporation Sponsored ADR $LEGN

Hudson Bay Capital Management LP grew its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 42.4% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 220,000 shares of the company’s stock after purchasing an additional 65,500 shares during the period. Hudson Bay Capital Management LP’s holdings in Legend Biotech were worth $7,174,000 at the end of the most recent quarter.

Several other hedge funds also recently made changes to their positions in the business. Clearstead Advisors LLC raised its position in shares of Legend Biotech by 76.5% in the third 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 grew its position in 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 buying an additional 662 shares in the last quarter. OFI Invest Asset Management grew its position in 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 buying an additional 622 shares in the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech during the 2nd quarter worth $78,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Legend Biotech in the 3rd quarter valued at $104,000. 70.89% of the stock is owned by institutional investors.

Legend Biotech Trading Down 2.6%

Shares of Legend Biotech stock opened at $17.41 on Friday. The firm’s 50 day moving average is $18.98 and its 200 day moving average is $25.70. The firm has a market capitalization of $3.22 billion, a PE ratio of -21.76 and a beta of 0.07. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $45.30.

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

Analysts Set New Price Targets

Several analysts have recently issued reports on LEGN shares. Rothschild & Co Redburn lowered Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a report on Thursday, February 12th. HC Wainwright cut their price objective on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Thursday, January 22nd. Morgan Stanley reduced their price objective on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating on the stock in a research note on Wednesday, March 11th. Oppenheimer initiated coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 target price on the stock. Finally, Cantor Fitzgerald dropped their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a research report on Wednesday, December 17th. 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.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.31.

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.