Zurcher Kantonalbank Zurich Cantonalbank Trims Stock Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Zurcher Kantonalbank Zurich Cantonalbank reduced its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 89.4% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 15,427 shares of the company’s stock after selling 130,220 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Legend Biotech were worth $335,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Rakuten Investment Management Inc. purchased a new position in shares of Legend Biotech during the 3rd quarter worth approximately $7,581,000. Mutual of America Capital Management LLC purchased a new stake in Legend Biotech during the 3rd quarter worth approximately $2,691,000. SG Americas Securities LLC increased its stake in Legend Biotech by 6,774.9% during the 4th quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock worth $8,081,000 after buying an additional 366,321 shares during the period. Artisan Partners Limited Partnership increased its stake in Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after buying an additional 425,684 shares during the period. Finally, Hudson Bay Capital Management LP increased its stake in Legend Biotech by 42.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 220,000 shares of the company’s stock worth $7,174,000 after buying an additional 65,500 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LEGN has been the topic of several recent research reports. Rothschild & Co Redburn downgraded shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a research note on Thursday, February 12th. Raymond James Financial reiterated an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Morgan Stanley lowered their price target on shares of Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Wednesday, March 11th. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, Royal Bank Of Canada lowered their price target on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating for the company in a report on Wednesday, March 11th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the transaction, 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 position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.02% of the stock is owned by insiders.

Legend Biotech Trading Up 12.3%

Shares of Legend Biotech stock opened at $26.50 on Tuesday. The company has a fifty day simple moving average of $19.62 and a 200-day simple moving average of $22.90. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $45.30. The stock has a market cap of $4.90 billion, a price-to-earnings ratio of -33.13 and a beta of 0.29.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The business had revenue of $306.30 million during the quarter, compared to analysts’ expectations of $310.21 million. During the same quarter in the prior year, the business posted $0.07 EPS. The company’s revenue for the quarter was up 64.2% on a year-over-year basis. On average, analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.31 earnings per share for the current fiscal year.

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.