Y Intercept Hong Kong Ltd Makes New Investment in Legend Biotech Corporation Sponsored ADR $LEGN

Y Intercept Hong Kong Ltd bought a new stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund bought 223,296 shares of the company’s stock, valued at approximately $4,039,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Suvretta Capital Management LLC raised its position in Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock valued at $143,672,000 after buying an additional 2,790,620 shares during the period. Goldman Sachs Group Inc. boosted its position in Legend Biotech by 120.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock worth $47,274,000 after acquiring an additional 1,188,449 shares during the period. Davern Capital Partners LP purchased a new stake in shares of Legend Biotech in the fourth quarter worth approximately $22,972,000. Marshall Wace LLP lifted its position in shares of Legend Biotech by 4,129.8% in the fourth quarter. Marshall Wace LLP now owns 755,953 shares of the company’s stock worth $16,434,000 after purchasing an additional 738,081 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Legend Biotech during the second quarter worth approximately $15,790,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

LEGN opened at $29.91 on Monday. The firm has a market cap of $5.56 billion, a P/E ratio of -43.98 and a beta of 0.34. The business has a 50 day moving average price of $29.29 and a 200 day moving average price of $23.08. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results 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 analyst estimates of $306.51 million. During the same quarter last year, the business earned ($0.07) EPS. The company’s revenue for the quarter was up 56.5% on a year-over-year basis.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LEGN. HC Wainwright boosted their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. Jefferies Financial Group reiterated a “buy” rating and set a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, TD Cowen lifted their target price on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research note on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

Insiders Place Their Bets

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the company’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the sale, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This 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 available at the SEC website. 0.02% of the stock is currently 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.