Legend Biotech Corporation Sponsored ADR $LEGN is Montanova Capital LLC's 4th Largest Position

Key Points

• Montanova Capital reduced its Legend Biotech stake by 6.7% in the second quarter but still held 7.07 million shares worth approximately $204.2 million, making LEGN its fourth-largest position. Institutional investors collectively own 70.89% of the company.
• Legend Biotech reported quarterly revenue of $387.5 million, up 51.9% year over year, and EPS of $0.09, exceeding analyst estimates of $355.96 million in revenue and $0.07 EPS.
• Analyst sentiment is mixed: eight analysts rate the stock Buy, six Hold, and one Sell. The consensus rating is Hold, with an average price target of $52.29, well above the stock’s reported $20.78 opening price.

Montanova Capital LLC cut its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 6.7% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 7,070,000 shares of the company's stock after selling 511,029 shares during the period. Legend Biotech accounts for 3.4% of Montanova Capital LLC's holdings, making the stock its 4th biggest holding. Montanova Capital LLC owned about 3.81% of Legend Biotech worth $204,182,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership grew its stake in Legend Biotech by 343.6% in the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company's stock valued at $7,361,000 after purchasing an additional 315,176 shares during the last quarter. Y Intercept Hong Kong Ltd acquired a new position in Legend Biotech during the 1st quarter valued at approximately $4,039,000. Renaissance Technologies LLC increased its position in shares of Legend Biotech by 29.5% in the 1st quarter. Renaissance Technologies LLC now owns 521,800 shares of the company's stock valued at $9,439,000 after acquiring an additional 119,000 shares during the period. Assenagon Asset Management S.A. purchased a new position in shares of Legend Biotech in the second quarter worth about $55,307,000. Finally, Candriam S.C.A. raised its position in Legend Biotech by 79.6% during the 1st quarter. Candriam S.C.A. now owns 470,292 shares of the company's stock worth $8,508,000 after buying an additional 208,477 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Up 4.5%

Shares of Legend Biotech stock opened at $20.78 on Tuesday. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $37.50. The business has a 50-day moving average price of $23.31 and a 200 day moving average price of $23.47. The firm has a market cap of $4.03 billion, a PE ratio of -83.12 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.07 by $0.02. The company had revenue of $387.50 million for the quarter, compared to the consensus estimate of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.Legend Biotech's revenue for the quarter was up 51.9% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.03 earnings per share. On average, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the stock. Benchmark restated a "buy" rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Raymond James Financial reaffirmed an "outperform" rating and set a $58.00 price target on shares of Legend Biotech in a research report on Monday, July 27th. Oppenheimer lowered Legend Biotech from an "outperform" rating to a "market perform" rating and reduced their price objective for the company from $75.00 to $40.00 in a research note on Wednesday, August 12th. Barclays decreased their price objective on Legend Biotech from $80.00 to $78.00 and set an "overweight" rating for the company in a report on Wednesday, August 12th. Finally, Morgan Stanley upped their target price on Legend Biotech from $48.00 to $49.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus price target of $52.29.

Insider Activity

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 sale, the chief executive officer owned 241,872 shares of the company's stock, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.02% of the stock is owned by company insiders.

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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