24,397 Shares in Legend Biotech Corporation Sponsored ADR $LEGN Bought by PSP Research LLC

PSP Research LLC acquired a new position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 24,397 shares of the company’s stock, valued at approximately $530,000.

Other large investors have also recently bought and sold shares of the company. Clearstead Advisors LLC raised its holdings 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 buying an additional 367 shares during the last quarter. Parallel Advisors LLC grew its stake 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 purchasing an additional 662 shares during the period. Public Employees Retirement System of Ohio grew its stake in Legend Biotech by 31.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock worth $124,000 after purchasing an additional 900 shares during the period. Vanguard Personalized Indexing Management LLC grew its stake in Legend Biotech by 19.1% during the third quarter. Vanguard Personalized Indexing Management LLC now owns 7,345 shares of the company’s stock worth $240,000 after purchasing an additional 1,177 shares during the period. Finally, Public Sector Pension Investment Board grew its stake in Legend Biotech by 4.9% in the third quarter. Public Sector Pension Investment Board now owns 25,789 shares of the company’s stock valued at $841,000 after acquiring an additional 1,200 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Insider Activity at Legend Biotech

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

Wall Street Analyst Weigh In

A number of equities research analysts have commented on LEGN shares. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, May 6th. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. TD Cowen lifted their price target on Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Morgan Stanley lowered their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Finally, Truist Financial cut Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Eleven investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $59.00.

Legend Biotech Stock Performance

Legend Biotech stock opened at $26.94 on Wednesday. The firm has a market cap of $4.98 billion, a PE ratio of -39.62 and a beta of 0.29. The firm’s 50 day moving average price is $21.63 and its two-hundred day moving average price is $22.55. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, May 12th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The company had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The firm’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.07) EPS. Equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.2 EPS for the current fiscal year.

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.