SG Americas Securities LLC Raises Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

SG Americas Securities LLC boosted its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 44.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 535,658 shares of the company’s stock after acquiring an additional 163,930 shares during the quarter. SG Americas Securities LLC owned about 0.29% of Legend Biotech worth $9,690,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. First Trust Advisors LP purchased a new position in shares of Legend Biotech during the 2nd quarter worth $411,000. Squarepoint Ops LLC raised its holdings in Legend Biotech by 77.6% in the 2nd quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock valued at $5,277,000 after buying an additional 64,956 shares during the period. The Manufacturers Life Insurance Company raised its holdings in Legend Biotech by 16.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 84,081 shares of the company’s stock valued at $2,984,000 after buying an additional 11,771 shares during the period. Alliancebernstein L.P. lifted its position in Legend Biotech by 3.5% in the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock valued at $55,386,000 after buying an additional 52,344 shares during the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Legend Biotech in the second quarter valued at about $15,790,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on LEGN. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Morgan Stanley decreased their price objective on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Jefferies Financial Group reaffirmed a “buy” rating and set a $69.00 price objective on shares of Legend Biotech in a research report on Tuesday, March 10th. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Finally, TD Cowen boosted their target price on Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

Legend Biotech Stock Performance

Shares of LEGN opened at $28.69 on Friday. The company’s 50-day simple moving average is $28.70 and its 200-day simple moving average is $22.87. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $45.30. The stock has a market capitalization of $5.33 billion, a PE ratio of -42.19 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same quarter last year, the firm posted ($0.07) EPS. The company’s revenue for the quarter was up 56.5% on a year-over-year basis. On average, sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current year.

About Legend Biotech

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.