Matthews International Capital Management LLC Sells 30,904 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Matthews International Capital Management LLC trimmed its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 3.2% during the 1st quarter, HoldingsChannel reports. The fund owned 925,920 shares of the company’s stock after selling 30,904 shares during the quarter. Legend Biotech makes up approximately 6.8% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 4th biggest holding. Matthews International Capital Management LLC’s holdings in Legend Biotech were worth $16,750,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Parallel Advisors LLC lifted its position in shares of 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 acquiring an additional 662 shares during the period. Clearstead Advisors LLC increased its position in shares of Legend Biotech by 310.7% during the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after purchasing an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd raised its stake in shares of Legend Biotech by 1,730.3% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after purchasing an additional 3,374 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Legend Biotech in the second quarter valued at $78,000. Finally, IFM Investors Pty Ltd bought a new position in Legend Biotech in the first quarter worth $81,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the stock. Morgan Stanley decreased their price target on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Weiss Ratings cut shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Friday. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. TD Cowen lifted their target price on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Finally, HC Wainwright upped their target price on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $60.15.

Insider Buying and Selling at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction that occurred 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 completion of the transaction, the chief executive officer owned 241,872 shares in the company, valued at approximately $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 accessible through this link. Insiders own 0.02% of the company’s stock.

Legend Biotech Stock Performance

LEGN opened at $27.08 on Monday. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -39.82 and a beta of 0.34. The firm’s 50-day simple moving average is $29.69 and its 200-day simple moving average is $23.29. 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The company’s revenue for the quarter was up 56.5% on a year-over-year basis. During the same period in the prior year, the business earned ($0.07) earnings per share. As a group, sell-side analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.01 EPS for the current fiscal year.

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.