Renaissance Technologies LLC Buys 119,000 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Renaissance Technologies LLC increased its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 29.5% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 521,800 shares of the company’s stock after buying an additional 119,000 shares during the period. Renaissance Technologies LLC’s holdings in Legend Biotech were worth $9,439,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LEGN. Suvretta Capital Management LLC boosted its holdings in Legend Biotech by 73.1% in the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after purchasing an additional 2,790,620 shares during the last quarter. Goldman Sachs Group Inc. increased its position in shares of 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. Davern Capital Partners LP bought a new position in shares of Legend Biotech in the 4th quarter worth approximately $22,972,000. Marshall Wace LLP lifted its stake in shares of Legend Biotech by 4,129.8% in the 4th quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock worth $16,434,000 after purchasing an additional 738,081 shares during the period. Finally, Canada Pension Plan Investment Board bought a new stake in Legend Biotech during the second quarter valued at approximately $15,790,000. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $18.55 on Monday. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -27.28 and a beta of 0.37. The stock has a 50 day moving average price of $27.98 and a 200-day moving average price of $23.26. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $40.05.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data 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). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The firm had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. During the same period last year, the company earned ($0.07) earnings per share. The business’s revenue for the quarter was up 56.5% compared to the same quarter last year. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.01 earnings per share for the current fiscal year.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the sale, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. HC Wainwright reiterated a “buy” rating and set a $65.00 price target on shares of Legend Biotech in a research note on Tuesday, July 28th. Benchmark restated a “buy” rating on shares of Legend Biotech in a research note on Tuesday, July 28th. Morgan Stanley decreased their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. JPMorgan Chase & Co. began coverage on Legend Biotech in a research report on Monday, July 13th. They set a “neutral” rating and a $35.00 target price on the stock. Finally, Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $55.29.

About Legend Biotech

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.