Rakuten Investment Management Inc. Takes $7.58 Million Position in Legend Biotech Corporation Sponsored ADR $LEGN

Rakuten Investment Management Inc. bought a new position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 232,468 shares of the company’s stock, valued at approximately $7,581,000. Rakuten Investment Management Inc. owned 0.13% of Legend Biotech as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. OFI Invest Asset Management lifted its position in Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares during the period. Hantz Financial Services Inc. raised its stake in shares of Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after purchasing an additional 1,890 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Legend Biotech during the second quarter worth $78,000. Vanguard Personalized Indexing Management LLC purchased a new position in Legend Biotech in the 2nd quarter valued at $219,000. Finally, DNB Asset Management AS acquired a new position in Legend Biotech in the 2nd quarter valued at $241,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

Shares of LEGN stock opened at $20.76 on Thursday. The firm has a fifty day simple moving average of $24.39 and a 200-day simple moving average of $31.52. The company has a market capitalization of $3.83 billion, a PE ratio of -31.94 and a beta of 0.12. Legend Biotech Corporation Sponsored ADR has a twelve month low of $19.61 and a twelve month high of $45.30. The company has a current ratio of 2.86, a quick ratio of 2.80 and a debt-to-equity ratio of 0.17.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The company had revenue of $272.33 million during the quarter, compared to the consensus estimate of $277.91 million. During the same quarter in the previous year, the firm earned ($0.34) EPS. The company’s revenue was up 70.0% on a year-over-year basis. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on LEGN shares. Barclays lowered their target price on shares of Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Raymond James Financial reaffirmed an “outperform” rating on shares of Legend Biotech in a report on Tuesday. UBS Group cut their price objective on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. HC Wainwright reaffirmed a “buy” rating on shares of Legend Biotech in a research note on Wednesday, November 26th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Legend Biotech in a report on Monday, December 29th. One investment analyst has rated the stock with a Strong Buy rating, eleven have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $62.82.

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.