Braidwell LP Decreases Position in Legend Biotech Corporation Sponsored ADR $LEGN

Braidwell LP reduced its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 28.2% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,826,155 shares of the company’s stock after selling 715,949 shares during the period. Legend Biotech accounts for about 1.8% of Braidwell LP’s portfolio, making the stock its 18th largest holding. Braidwell LP owned 0.99% of Legend Biotech worth $59,551,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Suvretta Capital Management LLC boosted its stake in shares of Legend Biotech by 1.2% in the third quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock worth $124,505,000 after acquiring an additional 44,000 shares during the last quarter. Artisan Partners Limited Partnership increased its position in shares of Legend Biotech by 20.1% during the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after purchasing an additional 425,684 shares in the last quarter. Alliancebernstein L.P. raised its stake in Legend Biotech by 4.6% in the 3rd quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock valued at $53,251,000 after purchasing an additional 72,371 shares during the last quarter. IvyRock Asset Management HK Ltd lifted its holdings in Legend Biotech by 3.1% in the 2nd quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock valued at $30,873,000 after purchasing an additional 25,900 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in Legend Biotech by 10.9% in the 2nd quarter. Hsbc Holdings PLC now owns 476,247 shares of the company’s stock valued at $16,902,000 after purchasing an additional 46,658 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of research reports. TD Cowen reaffirmed a “hold” rating and set a $21.00 target price (down from $62.00) on shares of Legend Biotech in a report on Thursday, January 22nd. Cantor Fitzgerald decreased their price target on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Royal Bank Of Canada lowered their price target on shares of Legend Biotech from $66.00 to $62.00 and set an “outperform” rating on the stock in a research report on Wednesday. Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price objective for the company. in a research note on Thursday, February 12th. Finally, Barclays cut their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a report on Wednesday, February 4th. One analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $58.31.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $18.75 on Friday. The company’s 50-day moving average is $19.37 and its two-hundred day moving average is $26.21. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $45.30. The firm has a market capitalization of $3.46 billion, a price-to-earnings ratio of -23.44 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, March 10th. The company reported $0.01 EPS for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.18. The firm had revenue of $306.30 million for the quarter, compared to analysts’ expectations of $310.21 million. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The firm’s quarterly revenue was up 64.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.07 earnings per share. As a group, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 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.