Legal & General Group Plc Sells 53,841 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Legal & General Group Plc trimmed its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 19.2% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 226,950 shares of the company’s stock after selling 53,841 shares during the quarter. Legal & General Group Plc owned 0.12% of Legend Biotech worth $4,934,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LEGN. Canada Pension Plan Investment Board bought a new stake in shares of Legend Biotech during the 2nd quarter valued at $15,790,000. Artisan Partners Limited Partnership raised its stake in shares of Legend Biotech by 20.1% during the 3rd quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after purchasing an additional 425,684 shares during the period. Eagle Health Investments LP bought a new stake in shares of Legend Biotech during the 4th quarter valued at $8,884,000. SG Americas Securities LLC raised its stake in shares of Legend Biotech by 6,774.9% during the 4th quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock valued at $8,081,000 after purchasing an additional 366,321 shares during the period. Finally, Jump Financial LLC raised its stake in shares of Legend Biotech by 302.4% during the 3rd quarter. Jump Financial LLC now owns 403,211 shares of the company’s stock valued at $13,149,000 after purchasing an additional 303,008 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

LEGN has been the topic of a number of analyst reports. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a research note on Tuesday, March 10th. HC Wainwright boosted their price objective on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. TD Cowen boosted their price objective on Legend Biotech to $29.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. UBS Group boosted their price objective on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.23.

Insiders Place Their Bets

In related news, CEO Ying Huang sold 9,936 shares of the stock in a transaction dated 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 sale, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. This represents a 3.86% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.02% of the stock is owned by corporate insiders.

Legend Biotech Stock Performance

LEGN opened at $32.62 on Monday. The stock has a 50-day moving average price of $24.69 and a 200-day moving average price of $22.42. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $45.30. The stock has a market capitalization of $6.06 billion, a P/E ratio of -47.97 and a beta of 0.35.

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