iA Global Asset Management Inc. Acquires 77,345 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

iA Global Asset Management Inc. grew its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 50.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 230,587 shares of the company’s stock after acquiring an additional 77,345 shares during the period. iA Global Asset Management Inc. owned 0.12% of Legend Biotech worth $4,171,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in LEGN. Clearstead Advisors LLC raised its stake in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the period. Parallel Advisors LLC lifted its holdings in 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 purchasing an additional 662 shares in the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after purchasing an additional 3,374 shares during the period. Raymond James Financial Inc. bought a new position in Legend Biotech in the 2nd quarter worth about $78,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in Legend Biotech during the 3rd quarter valued at about $104,000. 70.89% of the stock is owned by institutional investors.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $29.89 on Thursday. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The firm has a market cap of $5.55 billion, a PE ratio of -43.96 and a beta of 0.34. The business has a 50 day moving average price of $29.11 and a 200-day moving average price of $22.98.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, May 13th. The company reported ($0.03) EPS 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 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 firm’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) earnings per share.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley lowered their price target 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. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. TD Cowen increased their price objective on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Finally, Royal Bank Of Canada lifted their price objective on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $60.23.

Insider Activity

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the business’s stock in a transaction dated Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 0.02% of the company’s stock.

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.