Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Evergreen Quality Fund GP Ltd.

Evergreen Quality Fund GP Ltd. cut its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 61.2% during the 4th quarter, Holdings Channel.com reports. The fund owned 122,100 shares of the company’s stock after selling 192,400 shares during the period. Evergreen Quality Fund GP Ltd.’s holdings in Legend Biotech were worth $2,654,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. First Trust Advisors LP purchased a new position in shares of Legend Biotech in the 2nd quarter worth about $411,000. Squarepoint Ops LLC raised its holdings in shares of Legend Biotech by 77.6% in the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after purchasing an additional 64,956 shares during the period. The Manufacturers Life Insurance Company raised its holdings in shares of Legend Biotech by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock worth $2,984,000 after purchasing an additional 11,771 shares during the period. Alliancebernstein L.P. raised its holdings in shares of Legend Biotech by 3.5% in the 2nd quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock worth $55,386,000 after purchasing an additional 52,344 shares during the period. Finally, Canada Pension Plan Investment Board purchased a new position in shares of Legend Biotech in the 2nd quarter worth about $15,790,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Trading Up 0.4%

Shares of LEGN stock opened at $33.52 on Thursday. The company has a market capitalization of $6.23 billion, a PE ratio of -49.29 and a beta of 0.35. The firm has a fifty day simple moving average of $27.27 and a 200-day simple moving average of $22.78. 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 announced its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. Legend Biotech’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same quarter last year, the company posted ($0.07) earnings per share. Equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on LEGN. HC Wainwright increased their price target on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Jefferies Financial Group reiterated a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. TD Cowen increased their price target on Legend Biotech to $29.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, Morgan Stanley lowered their price target on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $60.23.

Insider Activity

In related news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the sale, the chief executive officer directly owned 247,438 shares of the company’s stock, valued at $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.02% of the stock is currently owned by insiders.

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.