Renaissance Technologies LLC Purchases 119,000 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Renaissance Technologies LLC raised its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 29.5% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 521,800 shares of the company’s stock after buying an additional 119,000 shares during the period. Renaissance Technologies LLC owned 0.28% of Legend Biotech worth $9,439,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently modified their holdings of the company. Arrowstreet Capital Limited Partnership increased its stake in shares of Legend Biotech by 343.6% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock worth $7,361,000 after purchasing an additional 315,176 shares during the last quarter. Sei Investments Co. increased its position in Legend Biotech by 215.4% in the first quarter. Sei Investments Co. now owns 324,921 shares of the company’s stock worth $5,878,000 after buying an additional 221,899 shares during the last quarter. Forefront Analytics LLC bought a new stake in shares of Legend Biotech in the first quarter valued at $283,000. PNC Financial Services Group Inc. raised its stake in shares of Legend Biotech by 86.1% in the first quarter. PNC Financial Services Group Inc. now owns 20,719 shares of the company’s stock valued at $375,000 after buying an additional 9,585 shares during the period. Finally, Parallel Advisors LLC lifted its position in shares of Legend Biotech by 173.9% during the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock valued at $38,000 after buying an additional 1,323 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on LEGN shares. UBS Group reiterated a “neutral” rating and set a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research note on Monday, July 27th. JPMorgan Chase & Co. started coverage on shares of Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective on the stock. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday. Raymond James Financial reiterated an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a research report on Monday, July 27th. Finally, Royal Bank Of Canada reduced their target price on shares of Legend Biotech from $63.00 to $59.00 and set an “outperform” rating for the company in a research note on Monday, July 27th. Nine research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and an average price target of $55.29.

Legend Biotech Stock Performance

LEGN stock opened at $18.55 on Monday. The firm has a market cap of $3.45 billion, a P/E ratio of -27.28 and a beta of 0.37. The firm’s fifty day moving average is $27.98 and its 200 day moving average is $23.26. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $40.05.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (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 business had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $306.51 million. During the same quarter in the previous year, the company earned ($0.07) earnings per share. The business’s quarterly revenue was up 56.5% on a year-over-year basis. As a group, analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.01 EPS for the current year.

Insider Buying and Selling

In related news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction 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 sale, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 0.02% of the stock is owned by insiders.

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.