Legend Biotech Corporation Sponsored ADR $LEGN Shares Acquired by CenterBook Partners LP

CenterBook Partners LP lifted its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 46.4% during the fourth quarter, Holdings Channel reports. The fund owned 213,024 shares of the company’s stock after purchasing an additional 67,493 shares during the quarter. CenterBook Partners LP’s holdings in Legend Biotech were worth $4,631,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in LEGN. Clearstead Advisors LLC boosted its stake in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the last quarter. Parallel Advisors LLC boosted its stake in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Legend Biotech in the 2nd quarter worth about $78,000. Harvest Fund Management Co. Ltd acquired a new stake in Legend Biotech in the 3rd quarter worth about $104,000. Finally, Public Employees Retirement System of Ohio boosted its stake in Legend Biotech by 31.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock worth $124,000 after buying an additional 900 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the company. HC Wainwright raised their price target on Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research note on Tuesday, March 10th. Rothschild & Co Redburn lowered Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target on the stock. in a research note on Thursday, February 12th. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 3rd. Finally, Truist Financial lowered Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and an average price target of $60.23.

Legend Biotech Price Performance

NASDAQ LEGN opened at $31.52 on Tuesday. The firm has a market capitalization of $5.85 billion, a P/E ratio of -46.35 and a beta of 0.35. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $45.30. The business’s 50-day simple moving average is $24.98 and its 200-day simple moving average is $22.44.

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

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 9,936 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the sale, the chief executive officer directly owned 247,438 shares in the company, valued at approximately $2,170,031.26. This trade represents a 3.86% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.02% of the company’s stock.

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.