Candriam S.C.A. Has $8.51 Million Stock Position in Legend Biotech Corporation Sponsored ADR $LEGN

Candriam S.C.A. boosted its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 79.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 470,292 shares of the company’s stock after purchasing an additional 208,477 shares during the period. Candriam S.C.A.’s holdings in Legend Biotech were worth $8,508,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of LEGN. Parallel Advisors LLC boosted its position in shares of Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after acquiring an additional 662 shares during the period. Raymond James Financial Inc. bought a new position in Legend Biotech during the second quarter worth $78,000. Harvest Fund Management Co. Ltd bought a new position in Legend Biotech during the third quarter worth $104,000. Clearstead Advisors LLC raised its stake in Legend Biotech by 310.7% during the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after purchasing an additional 2,632 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its stake in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after purchasing an additional 3,374 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.02% of the company’s stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $27.08 on Monday. The firm has a market capitalization of $5.03 billion, a price-to-earnings ratio of -39.82 and a beta of 0.34. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $45.30. The business has a fifty day simple moving average of $29.69 and a 200 day simple moving average of $23.29.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The business had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm’s quarterly revenue was up 56.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.07) EPS. On average, research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.01 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LEGN has been the subject of a number of research reports. HC Wainwright increased their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Morgan Stanley dropped their price objective on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. TD Cowen upped their price objective on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. UBS Group increased their target price on shares of Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Finally, Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $60.15.

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.