Legend Biotech Corporation Sponsored ADR $LEGN Shares Acquired by CenterBook Partners LP

CenterBook Partners LP grew its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 46.4% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 213,024 shares of the company’s stock after acquiring an additional 67,493 shares during the quarter. CenterBook Partners LP owned about 0.12% of Legend Biotech worth $4,631,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of LEGN. First Trust Advisors LP acquired a new stake in shares of Legend Biotech in the second quarter valued at approximately $411,000. Squarepoint Ops LLC raised its stake in shares of Legend Biotech by 77.6% during the second quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after purchasing an additional 64,956 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Legend Biotech by 16.3% during the second quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock worth $2,984,000 after purchasing an additional 11,771 shares during the last quarter. Alliancebernstein L.P. raised its stake in shares of Legend Biotech by 3.5% during the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock worth $55,386,000 after purchasing an additional 52,344 shares during the last quarter. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Legend Biotech during the second quarter worth approximately $15,790,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Performance

Legend Biotech stock opened at $31.52 on Tuesday. The firm has a market capitalization of $5.85 billion, a price-to-earnings ratio of -46.35 and a beta of 0.35. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The stock’s fifty day moving average is $24.98 and its two-hundred day moving average is $22.44.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.01). The firm had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The firm’s revenue for the quarter was up 56.5% on a year-over-year basis. During the same period last year, the company posted ($0.07) EPS. As a group, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.03 EPS for the current fiscal year.

Analysts Set New Price Targets

LEGN has been the subject of several analyst reports. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research note on Monday, February 23rd. Royal Bank Of Canada upped their price target on Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Truist Financial cut Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. TD Cowen upped their price target on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Finally, Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 3rd. Eleven 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’s stock. According to data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 9,936 shares of the stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the sale, the chief executive officer owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This trade represents a 3.86% 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 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.