CenterBook Partners LP Sells 108,028 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• CenterBook Partners cut its Legend Biotech stake by 23.9% in the third quarter, selling 108,028 shares; it retained 344,879 shares, worth about $6.86 million at quarter-end.
• Legend Biotech reported quarterly revenue of $387.5 million, up 51.9% year over year, and EPS of $0.09, beating analyst estimates of $355.96 million and $0.07, respectively.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $54.69; nine rate the stock Buy, five Hold, and one Sell.

CenterBook Partners LP trimmed its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 23.9% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 344,879 shares of the company's stock after selling 108,028 shares during the quarter. CenterBook Partners LP owned approximately 0.18% of Legend Biotech worth $6,860,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in LEGN. Parallel Advisors LLC increased its position in Legend Biotech by 173.9% in the 1st quarter. Parallel Advisors LLC now owns 2,084 shares of the company's stock valued at $38,000 after acquiring an additional 1,323 shares during the period. Toth Financial Advisory Corp purchased a new position in shares of Legend Biotech in the third quarter valued at $50,000. Public Employees Retirement System of Ohio acquired a new position in Legend Biotech during the second quarter worth about $92,000. Nykredit A S purchased a new stake in Legend Biotech in the 2nd quarter valued at approximately $162,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Legend Biotech in the third quarter valued at $136,000. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Up 3.8%

NASDAQ LEGN traded up $0.86 during trading on Friday, reaching $23.40. 1,765,914 shares of the stock traded hands, compared to its average volume of 1,946,924. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $37.50. The firm has a market cap of $4.53 billion, a price-to-earnings ratio of -93.60 and a beta of 0.55. The stock's 50-day moving average price is $19.67 and its 200 day moving average price is $22.10.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating 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 firm had revenue of $387.50 million during the quarter, compared to analysts' expectations of $355.96 million. During the same period in the prior year, the firm posted $0.03 earnings per share. The business's quarterly revenue was up 51.9% compared to the same quarter last year. Analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.08 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of research reports. UBS Group reissued a "buy" rating and set a $65.00 price target on shares of Legend Biotech in a research report on Monday, September 28th. HC Wainwright reissued a "buy" rating on shares of Legend Biotech in a report on Friday, October 30th. Morgan Stanley set a $65.00 price objective on Legend Biotech in a report on Friday, September 4th. Royal Bank Of Canada reduced their price objective on Legend Biotech from $58.00 to $56.00 and set an "outperform" rating for the company in a research report on Thursday, October 8th. Finally, TD Cowen decreased their target price on shares of Legend Biotech from $29.00 to $24.00 and set a "hold" rating for the company in a research report on Wednesday, August 12th. Nine research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $54.69.

Insider Buying and Selling

In other Legend Biotech news, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the company's stock in a transaction on Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total transaction of $258,920.20. Following the completion of the sale, the director directly owned 52,731 shares in the company, valued at $498,835.26. This represents a 34.17% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Carlos Santos sold 5,430 shares of the business's stock in a transaction on Monday, September 21st. The stock was sold at an average price of $9.14, for a total transaction of $49,630.20. Following the sale, the chief financial officer directly owned 14,246 shares in the company, valued at approximately $130,208.44. The trade was a 27.60% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.02% of the company's stock.

About Legend Biotech

Legend Biotech Corporation NASDAQ: LEGN is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company's primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient's immune cells to recognize and attack cancer cells.

Legend Biotech's leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.

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