1,915,056 Shares in Legend Biotech Corporation Sponsored ADR $LEGN Purchased by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management purchased 1,915,056 Legend Biotech shares worth approximately $55.3 million, giving it a 1.03% stake. Institutional investors collectively own 70.89% of the company.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $55.29, despite UBS cutting its target to $28 and several firms lowering estimates.
• Legend Biotech’s latest quarter showed revenue rising 56.5% year over year to $305.1 million, though the company reported a $0.03-per-share loss that slightly missed expectations.

Assenagon Asset Management S.A. bought a new stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 1,915,056 shares of the company's stock, valued at approximately $55,307,000. Assenagon Asset Management S.A. owned about 1.03% of Legend Biotech as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Avior Wealth Management LLC purchased a new stake in Legend Biotech in the second quarter worth $235,000. Parallel Advisors LLC increased its holdings in Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company's stock worth $38,000 after acquiring an additional 1,323 shares during the last quarter. Avidity Partners Management LP bought a new stake in Legend Biotech in the 1st quarter valued at about $271,000. ADAR1 Capital Management LLC bought a new stake in Legend Biotech in the 1st quarter valued at about $362,000. Finally, California State Teachers Retirement System purchased a new stake in Legend Biotech during the first quarter valued at about $214,000. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on LEGN shares. UBS Group reissued a "neutral" rating and issued a $28.00 price target (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. HC Wainwright reiterated a "buy" rating and issued a $65.00 price objective on shares of Legend Biotech in a research note on Tuesday, July 28th. Royal Bank Of Canada lowered their target price on shares of Legend Biotech from $63.00 to $59.00 and set an "outperform" rating on the stock in a report on Monday, July 27th. Benchmark restated a "buy" rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $58.00 price target on shares of Legend Biotech in a report on Monday, July 27th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.29.

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 value of $82,265.48. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.02% of the stock is owned by company insiders.

Legend Biotech Stock Performance

Shares of LEGN opened at $20.75 on Friday. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $38.35. The firm has a market cap of $3.85 billion, a price-to-earnings ratio of -30.51 and a beta of 0.37. The firm has a 50 day moving average price of $27.07 and a 200-day moving average price of $23.15.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly 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 business had revenue of $305.10 million during the quarter, compared to the consensus estimate of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The business's revenue for the quarter was up 56.5% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.07) earnings per share. As a group, equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.01 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.

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