Hsbc Holdings PLC Sells 261,480 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Hsbc Holdings PLC decreased its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 49.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (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.

A number of other institutional investors also recently modified their holdings of the company. Parallel Advisors LLC grew its holdings in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares in the last quarter. Raymond James Financial Inc. bought a new stake in Legend Biotech in the 2nd quarter valued at approximately $78,000. Harvest Fund Management Co. Ltd acquired a new position in Legend Biotech during the 3rd quarter worth approximately $104,000. Clearstead Advisors LLC boosted its position in Legend Biotech by 310.7% during the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock worth $76,000 after acquiring an additional 2,632 shares during the last quarter. Finally, Caitong International Asset Management Co. Ltd grew its stake in shares of Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after acquiring an additional 3,374 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Price Performance

Shares of LEGN stock opened at $27.38 on Friday. The stock has a market cap of $5.09 billion, a P/E ratio of -40.26 and a beta of 0.34. The company has a fifty day moving average price of $29.61 and a two-hundred day moving average price of $23.26. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data 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 for the quarter, compared to analyst estimates 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 revenue for the quarter was up 56.5% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.07) earnings per share. As a group, equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.01 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on LEGN shares. TD Cowen boosted their price objective on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a research report on Wednesday, May 13th. Morgan Stanley decreased their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. HC Wainwright lifted their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. UBS Group boosted their price target on shares of Legend Biotech from $31.00 to $49.00 and gave the stock a “buy” rating in a research report on Wednesday, June 3rd. Finally, Royal Bank Of Canada reduced their price objective on shares of Legend Biotech from $64.00 to $63.00 and set an “outperform” rating for the company in a research note on Tuesday. Eleven 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, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $60.15.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.02% of the company’s stock.

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.