Hudson Bay Capital Management LP Has $7.17 Million Stock Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Hudson Bay Capital raised its stake in Legend Biotech by 42.4% in Q3 to 220,000 shares — a position worth about $7.17 million, roughly 0.12% of the company.
• Legend reported quarterly revenue of $306.3 million (up 64.2% year-over-year) and EPS of $0.01, beating estimates, but the company still shows a negative ROE (−21.93%) and net margin (−28.86%) and is expected to post about -1.31 EPS for the fiscal year.
• The stock has a market cap of $3.22 billion, recently opened at $17.41 (down ~2.6%) and trades near its 12‑month low of $16.24 versus a high of $45.30, while analysts have an average rating of "Moderate Buy" with a $58.31 average target.

Hudson Bay Capital Management LP raised its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 42.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 220,000 shares of the company's stock after acquiring an additional 65,500 shares during the quarter. Hudson Bay Capital Management LP owned approximately 0.12% of Legend Biotech worth $7,174,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Clearstead Advisors LLC boosted its holdings in Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company's stock worth $28,000 after purchasing an additional 367 shares during the last quarter. Parallel Advisors LLC lifted 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 buying an additional 662 shares in the last quarter. OFI Invest Asset Management lifted its position in Legend Biotech by 102.6% during the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company's stock worth $40,000 after buying an additional 622 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Legend Biotech during the 2nd quarter worth about $78,000. Finally, Harvest Fund Management Co. Ltd bought a new position in shares of Legend Biotech in the 3rd quarter valued at about $104,000. Institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Down 2.6%

Legend Biotech stock opened at $17.41 on Friday. The company has a market capitalization of $3.22 billion, a price-to-earnings ratio of -21.76 and a beta of 0.07. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The stock's 50 day moving average is $18.98 and its 200-day moving average is $25.70.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, March 10th. The company reported $0.01 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.17) by $0.18. Legend Biotech had a negative return on equity of 21.93% and a negative net margin of 28.86%.The business had revenue of $306.30 million during the quarter, compared to the consensus estimate of $310.21 million. The firm's quarterly revenue was up 64.2% on a year-over-year basis. During the same period in the previous year, the company posted $0.07 EPS. As a group, equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

LEGN has been the topic of a number of recent research reports. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Legend Biotech in a research report on Monday, December 29th. Morgan Stanley reduced their price target on Legend Biotech from $50.00 to $49.00 and set an "overweight" rating for the company in a research report on Wednesday, March 11th. UBS Group lowered their price target on Legend Biotech from $54.00 to $48.00 and set a "buy" rating on the stock in a research report on Monday, December 8th. Raymond James Financial reiterated an "outperform" rating on shares of Legend Biotech in a research note on Monday, February 23rd. Finally, Cantor Fitzgerald cut their price objective on Legend Biotech from $75.00 to $74.00 and set an "overweight" rating for the company in a report on Wednesday, December 17th. One investment analyst has rated the stock with a Strong Buy rating, eleven have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Legend Biotech presently has an average rating of "Moderate Buy" and an average target price of $58.31.

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.

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