Hsbc Holdings PLC Decreases Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Hsbc Holdings PLC trimmed its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 16.8% in the 1st quarter, Holdings Channel.com reports. The firm owned 221,475 shares of the company’s stock after selling 44,659 shares during the period. Hsbc Holdings PLC’s holdings in Legend Biotech were worth $4,006,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of LEGN. Suvretta Capital Management LLC raised its stake in shares of Legend Biotech by 73.1% in the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after acquiring an additional 2,790,620 shares during the period. Westfield Capital Management Co. LP boosted its stake in shares of Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock worth $134,020,000 after purchasing an additional 70,191 shares during the period. Goldman Sachs Group Inc. grew its holdings in Legend Biotech by 120.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after purchasing an additional 1,188,449 shares during the last quarter. Alliancebernstein L.P. grew its holdings in Legend Biotech by 4.6% during the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after purchasing an additional 72,371 shares during the last quarter. Finally, State Street Corp raised its position in Legend Biotech by 31.0% in the 4th quarter. State Street Corp now owns 1,516,368 shares of the company’s stock worth $32,966,000 after purchasing an additional 359,246 shares during the period. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.02% of the stock is owned by insiders.

Legend Biotech Price Performance

LEGN opened at $22.22 on Friday. The firm has a market capitalization of $4.13 billion, a PE ratio of -32.68 and a beta of 0.34. The business’s 50-day moving average is $28.87 and its two-hundred day moving average is $23.38. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $44.17.

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

Analyst Ratings Changes

LEGN has been the subject of several recent analyst reports. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Friday, July 10th. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a research note on Thursday, July 16th. UBS Group cut Legend Biotech from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $49.00 to $28.00 in a report on Friday. TD Cowen upped their price objective on Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Finally, JPMorgan Chase & Co. assumed coverage on Legend Biotech in a research note on Monday, July 13th. They issued a “neutral” rating and a $35.00 target price on the stock. Eight investment analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $55.38.

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.