Hsbc Holdings PLC Sells 44,659 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Hsbc Holdings PLC cut its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 16.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 221,475 shares of the company’s stock after selling 44,659 shares during the quarter. Hsbc Holdings PLC owned 0.12% of Legend Biotech worth $4,006,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of LEGN. Parallel Advisors LLC boosted its stake in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Legend Biotech during the second quarter worth approximately $78,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Legend Biotech in the 3rd quarter worth approximately $104,000. Clearstead Advisors LLC lifted its holdings in shares of Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock worth $76,000 after acquiring an additional 2,632 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd boosted its stake in shares of Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after purchasing an additional 3,374 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

LEGN stock opened at $22.22 on Friday. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $44.17. The company has a market capitalization of $4.13 billion, a price-to-earnings ratio of -32.68 and a beta of 0.34. The business’s 50 day moving average price is $28.87 and its two-hundred day moving average price is $23.38.

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

Analysts Set New Price Targets

A number of brokerages recently commented on LEGN. Morgan Stanley decreased their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. TD Cowen upped their price target on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday, July 10th. UBS Group downgraded Legend Biotech from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $49.00 to $28.00 in a report on Friday. Finally, HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a research note on Thursday, July 16th. Eight analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.38.

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.02% of the company’s stock.

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.