Evergreen Quality Fund GP Ltd. Lowers Stake in Legend Biotech Corporation Sponsored ADR $LEGN

Evergreen Quality Fund GP Ltd. reduced its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 61.2% during the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 122,100 shares of the company’s stock after selling 192,400 shares during the period. Evergreen Quality Fund GP Ltd. owned approximately 0.07% of Legend Biotech worth $2,654,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Clearstead Advisors LLC grew its position in Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after purchasing an additional 367 shares during the last quarter. Parallel Advisors LLC grew its position in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Legend Biotech during the 2nd quarter worth $78,000. Harvest Fund Management Co. Ltd purchased a new position in Legend Biotech during the 3rd quarter worth $104,000. Finally, Public Employees Retirement System of Ohio grew its position in Legend Biotech by 31.0% during the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock worth $124,000 after purchasing an additional 900 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. Royal Bank Of Canada increased their price target on Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Raymond James Financial reaffirmed an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. UBS Group increased their price target on Legend Biotech from $31.00 to $49.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, TD Cowen increased their price target on Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

Legend Biotech Trading Up 0.4%

Shares of LEGN stock opened at $33.52 on Thursday. The company has a market cap of $6.23 billion, a price-to-earnings ratio of -49.29 and a beta of 0.35. The stock has a 50 day simple moving average of $27.27 and a 200-day simple moving average of $22.78. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. During the same quarter in the previous year, the company posted ($0.07) earnings per share. The company’s quarterly revenue was up 56.5% compared to the same quarter last year. On average, equities analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current fiscal year.

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. The trade was a 3.86% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.02% of the stock is owned by corporate insiders.

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.