Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Matthews International Capital Management LLC

Matthews International Capital Management LLC trimmed its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 20.5% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,028,447 shares of the company’s stock after selling 264,605 shares during the period. Legend Biotech comprises approximately 7.8% of Matthews International Capital Management LLC’s holdings, making the stock its 3rd largest holding. Matthews International Capital Management LLC owned about 0.56% of Legend Biotech worth $33,538,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. OFI Invest Asset Management increased its stake in shares of Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after buying an additional 622 shares during the last quarter. Quarry LP bought a new position in Legend Biotech during the 1st quarter valued at $48,000. Hantz Financial Services Inc. grew its holdings in Legend Biotech by 913.0% during the 2nd quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after acquiring an additional 1,890 shares in the last quarter. Raymond James Financial Inc. bought a new stake in shares of Legend Biotech in the 2nd quarter worth about $78,000. Finally, Allostery Investments LP acquired a new stake in shares of Legend Biotech in the 1st quarter valued at about $161,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $74.00 price target on shares of Legend Biotech in a research report on Monday, December 8th. JPMorgan Chase & Co. reduced their target price on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a report on Thursday, October 9th. UBS Group decreased their target price on Legend Biotech from $54.00 to $48.00 and set a “buy” rating for the company in a research report on Monday, December 8th. Morgan Stanley dropped their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, December 12th. Finally, Cantor Fitzgerald reduced their price objective on Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Ten research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $68.10.

Legend Biotech Stock Down 2.0%

Shares of Legend Biotech stock opened at $22.53 on Friday. The stock has a market capitalization of $4.16 billion, a price-to-earnings ratio of -34.66 and a beta of 0.09. Legend Biotech Corporation Sponsored ADR has a twelve month low of $21.19 and a twelve month high of $45.30. The company has a current ratio of 2.86, a quick ratio of 2.80 and a debt-to-equity ratio of 0.17. The business’s 50 day simple moving average is $27.96 and its 200-day simple moving average is $33.16.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $277.91 million. During the same quarter in the previous year, the firm posted ($0.34) EPS. The business’s revenue for the quarter was up 70.0% compared to the same quarter last year. Equities research analysts forecast 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.