Hsbc Holdings PLC Cuts Stock Position in Legend Biotech Corporation Sponsored ADR $LEGN

Hsbc Holdings PLC decreased its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 49.6% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 266,134 shares of the company’s stock after selling 261,480 shares during the quarter. Hsbc Holdings PLC owned 0.14% of Legend Biotech worth $5,788,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Clearstead Advisors LLC increased its stake in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the period. Invesco Ltd. boosted its position in shares of Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock worth $298,000 after acquiring an additional 581 shares in the last quarter. Parallel Advisors LLC boosted its position in shares of Legend Biotech by 171.9% during 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 in the last quarter. Fox Run Management L.L.C. increased its holdings in shares of Legend Biotech by 4.3% in the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock valued at $452,000 after acquiring an additional 863 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Legend Biotech by 31.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after acquiring an additional 900 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on LEGN shares. Morgan Stanley decreased their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. HC Wainwright raised their price objective on shares of Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Jefferies Financial Group restated a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a research report on Tuesday, March 10th. Finally, Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Stock Performance

Legend Biotech stock opened at $28.69 on Friday. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The company has a market capitalization of $5.33 billion, a P/E ratio of -42.19 and a beta of 0.35. The stock has a 50-day simple moving average of $28.70 and a 200-day simple moving average of $22.87.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The firm had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.07) EPS. As a group, analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current 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.