Headlands Technologies LLC Has $693,000 Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Headlands Technologies LLC trimmed its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 51.5% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 23,995 shares of the company’s stock after selling 25,433 shares during the quarter. Headlands Technologies LLC’s holdings in Legend Biotech were worth $693,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently modified their holdings of LEGN. First Trust Advisors LP bought a new position in shares of Legend Biotech in the second quarter valued at approximately $411,000. Squarepoint Ops LLC grew its position in Legend Biotech by 77.6% during the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after acquiring an additional 64,956 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Legend Biotech by 16.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock worth $2,984,000 after acquiring an additional 11,771 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Legend Biotech by 3.5% during the 2nd quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock valued at $55,386,000 after purchasing an additional 52,344 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in Legend Biotech during the 2nd quarter valued at $15,790,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have commented on the company. TD Cowen reduced their price objective on Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 18th. Oppenheimer cut Legend Biotech from an “outperform” rating to a “market perform” rating and cut their price target for the company from $75.00 to $40.00 in a report on Wednesday, August 12th. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Finally, Barclays reduced their price target on shares of Legend Biotech from $80.00 to $78.00 and set an “overweight” rating on the stock in a research report on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $52.29.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.02% of the stock is currently owned by insiders.

Legend Biotech Price Performance

LEGN stock opened at $21.13 on Wednesday. The company has a 50 day moving average price of $23.15 and a 200 day moving average price of $23.49. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $37.50. The stock has a market capitalization of $4.09 billion, a PE ratio of -84.52 and a beta of 0.40.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The business’s quarterly revenue was up 51.9% compared to the same quarter last year. During the same period last year, the company earned $0.03 EPS. As a group, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current fiscal year.

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.