Rakuten Investment Management Inc. Makes New Investment in Legend Biotech Corporation Sponsored ADR $LEGN

Rakuten Investment Management Inc. bought a new stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 3rd quarter, HoldingsChannel reports. The fund bought 232,468 shares of the company’s stock, valued at approximately $7,581,000.

A number of other large investors also recently modified their holdings of the business. OFI Invest Asset Management boosted its holdings in shares of Legend Biotech by 102.6% in the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after buying an additional 622 shares during the period. Hantz Financial Services Inc. boosted its stake in Legend Biotech by 913.0% in the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after acquiring an additional 1,890 shares during the period. Raymond James Financial Inc. bought a new position in shares of Legend Biotech during the second quarter valued at approximately $78,000. Vanguard Personalized Indexing Management LLC acquired a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $219,000. Finally, DNB Asset Management AS acquired a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $241,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Down 11.4%

LEGN opened at $20.76 on Thursday. The company has a market capitalization of $3.83 billion, a PE ratio of -31.94 and a beta of 0.12. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $19.61 and a fifty-two week high of $45.30. The business has a 50-day moving average of $24.39 and a 200-day moving average of $31.52.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, beating 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 firm had revenue of $272.33 million for the quarter, compared to analyst estimates of $277.91 million. During the same quarter last year, the firm earned ($0.34) earnings per share. The company’s revenue for the quarter was up 70.0% on a year-over-year basis. Equities research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts recently commented on the company. HC Wainwright restated a “buy” rating on shares of Legend Biotech in a research note on Wednesday, November 26th. UBS Group lowered their price target on shares of Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Oppenheimer began coverage on shares of Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price objective on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $66.00 target price on shares of Legend Biotech in a research note on Tuesday. Finally, TD Cowen downgraded shares of Legend Biotech from a “buy” rating to a “hold” rating in a report on Thursday. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and an average price target of $62.82.

Legend Biotech 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.