Legend Biotech Corporation Sponsored ADR $LEGN Shares Purchased by Advisors Asset Management Inc.

Key Points

• Advisors Asset Management Inc. has significantly increased its stake in Legend Biotech, purchasing an additional 13,070 shares, bringing its total holdings to 19,825 shares valued at approximately $673,000.
• Institutional investors collectively hold 70.89% of Legend Biotech’s stock, indicating strong confidence among larger investors in the company’s future prospects.
• Legend Biotech's most recent earnings report revealed a loss per share of ($0.34), which was below analyst expectations, although the company's revenue was up 36.8% year-over-year.

Advisors Asset Management Inc. boosted its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 193.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,825 shares of the company's stock after buying an additional 13,070 shares during the quarter. Advisors Asset Management Inc.'s holdings in Legend Biotech were worth $673,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. GAMMA Investing LLC raised its stake in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after acquiring an additional 765 shares in the last quarter. Quarry LP purchased a new stake in Legend Biotech in the first quarter valued at about $48,000. GF Fund Management CO. LTD. purchased a new stake in Legend Biotech in the fourth quarter valued at about $56,000. Brooklyn Investment Group raised its stake in Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after buying an additional 1,583 shares during the last quarter. Finally, Shell Asset Management Co. raised its stake in Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares during the last quarter. Institutional investors own 70.89% of the company's stock.

Analyst Ratings Changes

A number of research analysts have issued reports on LEGN shares. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their price target on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday, August 25th. Cantor Fitzgerald restated an "overweight" rating and set a $66.00 price target on shares of Legend Biotech in a research note on Wednesday, August 27th. Finally, Morgan Stanley upped their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Ten investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $74.22.

Legend Biotech Trading Down 2.1%

Shares of NASDAQ LEGN traded down $0.72 during trading on Friday, hitting $33.11. The company had a trading volume of 1,724,032 shares, compared to its average volume of 1,006,695. The stock has a fifty day simple moving average of $37.77 and a two-hundred day simple moving average of $34.93. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $52.31. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The business had revenue of $255.06 million during the quarter, compared to analysts' expectations of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The business's quarterly revenue was up 36.8% on a year-over-year basis. During the same period in the prior year, the business posted ($0.05) earnings per share. Analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Legend Biotech Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).