Bank of America Corp DE trimmed its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 38.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 177,862 shares of the company's stock after selling 109,667 shares during the period. Bank of America Corp DE owned approximately 0.10% of Legend Biotech worth $3,218,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also modified their holdings of the stock. The Manufacturers Life Insurance Company lifted its stake in shares of Legend Biotech by 5.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company's stock valued at $188,000 after purchasing an additional 570 shares during the period. Invesco Ltd. raised its holdings in shares of Legend Biotech by 4.4% during the fourth quarter. Invesco Ltd. now owns 13,710 shares of the company's stock valued at $298,000 after acquiring an additional 581 shares during the last quarter. Resona Asset Management Co. Ltd. lifted its holdings in Legend Biotech by 3.1% in the 1st quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company's stock valued at $366,000 after purchasing an additional 607 shares in the last quarter. Parallel Advisors LLC lifted its holdings in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock valued at $34,000 after purchasing an additional 662 shares in the last quarter. Finally, Fox Run Management L.L.C. boosted its stake in Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company's stock worth $452,000 after purchasing an additional 863 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on LEGN shares. Royal Bank Of Canada dropped their target price on shares of Legend Biotech from $59.00 to $58.00 and set an "outperform" rating for the company in a report on Wednesday, August 12th. Morgan Stanley raised their price target on shares of Legend Biotech from $48.00 to $49.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Barclays lowered their price target on shares of Legend Biotech from $80.00 to $78.00 and set an "overweight" rating on the stock in a research report on Wednesday, August 12th. Raymond James Financial reaffirmed an "outperform" rating and set a $58.00 price objective on shares of Legend Biotech in a research note on Monday, July 27th. Finally, Oppenheimer downgraded shares of Legend Biotech from an "outperform" rating to a "market perform" rating and cut their price objective for the company from $75.00 to $40.00 in a report on Wednesday, August 12th. Eight equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $52.29.
Read Our Latest Research Report on LEGN
Legend Biotech Price Performance
Shares of LEGN opened at $19.88 on Monday. Legend Biotech Corporation Sponsored ADR has a 52-week low of $16.24 and a 52-week high of $37.50. The company has a market capitalization of $3.85 billion, a PE ratio of -79.52 and a beta of 0.37. The stock has a fifty day simple moving average of $23.48 and a two-hundred day simple moving average of $23.45.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, topping the consensus estimate of $0.07 by $0.02. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The business had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same quarter in the previous year, the firm earned $0.03 EPS. The company's quarterly revenue was up 51.9% compared to the same quarter last year. As a group, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current fiscal year.
Insider Buying and Selling
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 directly owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.02% of the stock is owned by company insiders.
Legend Biotech Profile
(
Free Report)
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.
Featured Articles
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.
Before you consider Legend Biotech, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Legend Biotech wasn't on the list.
While Legend Biotech currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
A strong long-term portfolio starts with companies that can survive recessions, inflation, changing consumer habits, and shifting market leadership.
This report names seven blue-chip stocks across technology, retail, consumer staples, healthcare, networking, sporting goods, and utilities that offer investors a mix of stability, income, growth, and staying power.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
