Hsbc Holdings PLC Grows Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Hsbc Holdings PLC has increased its stake in Legend Biotech Corporation by 10.3%, owning 429,589 shares valued at approximately $14.58 million following the purchase of 40,176 additional shares during the first quarter.
• Multiple institutional investors are also actively trading shares of Legend Biotech, with 70.89% of the stock held by institutional investors overall.
• Despite reporting a quarterly earnings miss, with an EPS of ($0.34) against a consensus estimate of ($0.22), Legend Biotech's revenue increased by 36.8% year-over-year to $255.06 million.

Hsbc Holdings PLC increased its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 10.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 429,589 shares of the company's stock after acquiring an additional 40,176 shares during the period. Hsbc Holdings PLC owned approximately 0.23% of Legend Biotech worth $14,575,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. GAMMA Investing LLC increased its stake in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ bought a new stake in Legend Biotech in the 4th quarter worth approximately $914,000. First Trust Advisors LP grew its position in Legend Biotech by 76.3% in the 4th quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock worth $673,000 after purchasing an additional 8,948 shares during the period. PNC Financial Services Group Inc. grew its position in Legend Biotech by 193.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,916 shares of the company's stock worth $167,000 after purchasing an additional 3,238 shares during the period. Finally, XTX Topco Ltd bought a new stake in Legend Biotech in the 1st quarter worth approximately $307,000. 70.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

LEGN has been the subject of a number of research analyst reports. Morgan Stanley lifted their target price on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the stock a "buy" rating in a report on Wednesday, July 2nd. JPMorgan Chase & Co. raised their price objective on shares of Legend Biotech from $77.00 to $78.00 and gave the stock an "overweight" rating in a report on Monday. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Finally, HC Wainwright reissued a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a report on Thursday, July 17th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.22.

Legend Biotech Price Performance

Shares of NASDAQ LEGN traded down $0.10 during midday trading on Friday, reaching $34.28. The stock had a trading volume of 214,990 shares, compared to its average volume of 1,443,574. The company has a market capitalization of $6.30 billion, a price-to-earnings ratio of -38.94 and a beta of 0.26. Legend Biotech Corporation Sponsored ADR has a 12-month low of $27.34 and a 12-month high of $59.62. The stock has a 50-day moving average of $37.77 and a 200-day moving average of $35.10. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $255.06 million for the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The firm's revenue for the quarter was up 36.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.05) earnings per share. As a group, research analysts anticipate 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).