Legend Biotech Corporation Sponsored ADR $LEGN is IvyRock Asset Management HK Ltd’s 2nd Largest Position

IvyRock Asset Management HK Ltd trimmed its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 6.2% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 804,000 shares of the company’s stock after selling 52,900 shares during the period. Legend Biotech accounts for approximately 9.2% of IvyRock Asset Management HK Ltd’s holdings, making the stock its 2nd largest position. IvyRock Asset Management HK Ltd owned about 0.44% of Legend Biotech worth $17,479,000 as of its most recent SEC filing.

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

Insider Activity at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the stock in a transaction dated Wednesday, March 25th. The shares were 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 owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This represents a 3.86% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.02% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the stock. Jefferies Financial Group reaffirmed a “buy” rating and issued a $69.00 target price on shares of Legend Biotech in a report on Tuesday, March 10th. Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Raymond James Financial reaffirmed an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, HC Wainwright upped their target price on shares of Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday. Eleven analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $60.23.

Legend Biotech Stock Down 4.9%

LEGN opened at $34.20 on Friday. The firm has a 50-day simple moving average of $24.39 and a two-hundred day simple moving average of $22.40. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $45.30. The company has a market capitalization of $6.35 billion, a PE ratio of -50.29 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same period last year, the company earned ($0.07) EPS. The firm’s revenue for the quarter was up 56.5% on a year-over-year basis. As a group, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.03 earnings per share for the current 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.