Arrowstreet Capital Limited Partnership Acquires 315,176 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Arrowstreet Capital increased its Legend Biotech stake by 343.6% in the first quarter, buying 315,176 additional shares for a total holding of 406,901 shares. Institutional investors collectively own 70.89% of the company.
• Legend Biotech reported quarterly revenue of $305.1 million, up 56.5% year over year, but posted a $0.03-per-share loss that slightly missed analyst expectations.
• Analyst sentiment remains broadly positive, with a consensus “Moderate Buy” rating and an average price target of $55.29, despite recent target reductions and the stock opening at $18.55.

Arrowstreet Capital Limited Partnership boosted its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 343.6% in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 406,901 shares of the company's stock after purchasing an additional 315,176 shares during the period. Arrowstreet Capital Limited Partnership owned 0.22% of Legend Biotech worth $7,361,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. Y Intercept Hong Kong Ltd acquired a new stake in shares of Legend Biotech in the first quarter valued at $4,039,000. Casdin Capital LLC acquired a new position in Legend Biotech during the 4th quarter worth about $4,674,000. Candriam S.C.A. lifted its position in Legend Biotech by 79.6% during the 1st quarter. Candriam S.C.A. now owns 470,292 shares of the company's stock worth $8,508,000 after buying an additional 208,477 shares in the last quarter. Eagle Health Investments LP bought a new stake in Legend Biotech during the 4th quarter worth about $8,884,000. Finally, Westfield Capital Management Co. LP grew its holdings in Legend Biotech by 1.2% during the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company's stock worth $134,020,000 after acquiring an additional 70,191 shares during the last quarter. Institutional investors own 70.89% of the company's stock.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $18.55 on Friday. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $40.05. The company has a 50 day moving average of $27.98 and a 200-day moving average of $23.27. The stock has a market cap of $3.45 billion, a price-to-earnings ratio of -27.28 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced 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 business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The company's quarterly revenue was up 56.5% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.01 earnings per share for the current year.

Insider Activity

In other news, CEO Ying Huang sold 5,566 shares of the firm's stock in a transaction 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 transaction, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.02% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

A number of equities analysts have weighed in on LEGN shares. Morgan Stanley dropped 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 note on Wednesday, May 13th. Weiss Ratings raised shares of Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Thursday. HC Wainwright reissued a "buy" rating and issued a $65.00 price target on shares of Legend Biotech in a report on Tuesday, July 28th. Benchmark restated a "buy" rating on shares of Legend Biotech in a research report on Tuesday. Finally, UBS Group reaffirmed a "neutral" rating and set a $28.00 price objective (down from $49.00) on shares of Legend Biotech in a report on Monday, July 27th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $55.29.

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.

Want to see what other hedge funds are holding LEGN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source