Candriam S.C.A. Has $8.51 Million Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Candriam S.C.A. boosted its stake in Legend Biotech by 79.6% in the first quarter, buying 208,477 shares and lifting its holding to 470,292 shares valued at about $8.51 million.
• Institutional ownership in Legend Biotech remains high at 70.89%, and several other hedge funds also increased their positions in the stock during recent quarters.
• Analyst sentiment is broadly positive: the stock carries a Moderate Buy consensus with an average price target of $60.15, though insider activity included CEO Ying Huang selling 5,566 shares in late June.

Candriam S.C.A. grew its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 79.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 470,292 shares of the company's stock after purchasing an additional 208,477 shares during the period. Candriam S.C.A. owned approximately 0.25% of Legend Biotech worth $8,508,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of LEGN. Invesco Ltd. raised its position in 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 buying an additional 581 shares during the period. Resona Asset Management Co. Ltd. lifted its stake 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 worth $366,000 after acquiring an additional 607 shares in the last quarter. Parallel Advisors LLC boosted its position in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock worth $34,000 after acquiring an additional 662 shares during the period. Fox Run Management L.L.C. increased its holdings in shares of Legend Biotech by 4.3% in the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company's stock valued at $452,000 after purchasing an additional 863 shares during the period. Finally, Public Employees Retirement System of Ohio increased its holdings in shares of Legend Biotech by 31.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company's stock valued at $124,000 after purchasing an additional 900 shares during the period. Institutional investors and hedge funds own 70.89% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Morgan Stanley decreased their price target on shares of Legend Biotech from $49.00 to $48.00 and set an "overweight" rating for the company in a report on Wednesday, May 13th. UBS Group lifted their target price on shares of Legend Biotech from $31.00 to $49.00 and gave the company a "buy" rating in a research note on Wednesday, June 3rd. Royal Bank Of Canada lowered their price target on shares of Legend Biotech from $64.00 to $63.00 and set an "outperform" rating on the stock in a report on Tuesday, July 7th. HC Wainwright upped their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the stock a "buy" rating in a research note on Wednesday, June 3rd. Finally, TD Cowen increased their price objective on Legend Biotech to $29.00 and gave the stock a "hold" rating in a report on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $60.15.

Insider Transactions at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction on 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 owned 241,872 shares in the company, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.02% of the company's stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $27.08 on Monday. The business's 50-day simple moving average is $29.69 and its 200-day simple moving average is $23.29. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $45.30. The firm has a market cap of $5.03 billion, a price-to-earnings ratio of -39.82 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same period in the previous year, the company earned ($0.07) EPS. The firm's revenue for the quarter was up 56.5% compared to the same quarter last year. As a group, equities research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.01 earnings per share for the current year.

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.

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