Connective Portfolio Management LLC Invests $805,000 in Legend Biotech Corporation Sponsored ADR $LEGN

Connective Portfolio Management LLC bought a new stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 3rd quarter, Holdings Channel.com reports. The firm bought 24,500 shares of the company’s stock, valued at approximately $805,000. Legend Biotech accounts for about 1.4% of Connective Portfolio Management LLC’s portfolio, making the stock its 27th largest position.

A number of other institutional investors have also recently bought and sold shares of LEGN. Rhumbline Advisers raised its stake in Legend Biotech by 1.4% in the first quarter. Rhumbline Advisers now owns 28,029 shares of the company’s stock valued at $951,000 after buying an additional 391 shares during the period. OFI Invest Asset Management raised its stake in Legend Biotech by 102.6% in the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after acquiring an additional 622 shares during the period. Quantbot Technologies LP lifted its holdings in Legend Biotech by 5.4% during the 2nd quarter. Quantbot Technologies LP now owns 17,615 shares of the company’s stock valued at $625,000 after purchasing an additional 906 shares during the last quarter. Vontobel Holding Ltd. boosted its position in Legend Biotech by 8.7% during the third quarter. Vontobel Holding Ltd. now owns 11,713 shares of the company’s stock worth $382,000 after purchasing an additional 941 shares during the period. Finally, Royal London Asset Management Ltd. increased its holdings in shares of Legend Biotech by 2.0% in the second quarter. Royal London Asset Management Ltd. now owns 60,800 shares of the company’s stock valued at $2,158,000 after purchasing an additional 1,200 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on LEGN. HC Wainwright reissued a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Weiss Ratings reissued a “sell (d-)” rating on shares of Legend Biotech in a report on Monday, December 15th. Cantor Fitzgerald reduced their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating for the company in a report on Wednesday, December 17th. Johnson Rice set a $60.00 target price on Legend Biotech in a research note on Friday, October 17th. Finally, Morgan Stanley dropped their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, December 12th. Ten research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $68.10.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN opened at $22.53 on Friday. Legend Biotech Corporation Sponsored ADR has a 12-month low of $21.19 and a 12-month high of $45.30. The company’s 50 day moving average price is $27.96 and its two-hundred day moving average price is $33.19. The firm has a market cap of $4.16 billion, a PE ratio of -34.66 and a beta of 0.09. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. During the same period in the previous year, the company posted ($0.34) earnings per share. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. Equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Legend Biotech Company 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.