Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Raiffeisen Bank International AG

Key Points

• Raiffeisen Bank International reduced its Legend Biotech stake by 42.9% in the second quarter, selling 60,000 shares and retaining 80,000 shares valued at approximately $2.35 million. Institutional investors and hedge funds collectively own 70.89% of the company.
• Legend Biotech reported quarterly EPS of $0.09, exceeding the $0.07 consensus estimate, while revenue rose 51.9% year over year to $387.5 million. Despite the improved results, the company remains unprofitable, with a negative net margin of 7.21%.
• Analyst sentiment is mixed: eight analysts rate the stock a Buy, six a Hold, and one a Sell, producing an overall “Hold” rating and a consensus price target of $53.43 versus the reported share price of $21.52.

Raiffeisen Bank International AG trimmed its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 42.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 80,000 shares of the company's stock after selling 60,000 shares during the quarter. Raiffeisen Bank International AG's holdings in Legend Biotech were worth $2,351,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Nykredit A S purchased a new position in Legend Biotech during the second quarter worth approximately $162,000. Wellington Management Group LLP purchased a new stake in shares of Legend Biotech during the 2nd quarter valued at $2,369,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech during the 2nd quarter valued at $92,000. Assenagon Asset Management S.A. acquired a new stake in shares of Legend Biotech during the 2nd quarter worth $55,307,000. Finally, Avior Wealth Management LLC acquired a new stake in shares of Legend Biotech during the 2nd quarter worth $235,000. Institutional investors and hedge funds own 70.89% of the company's stock.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.02% of the company's stock.

Legend Biotech Trading Down 1.1%

Shares of Legend Biotech stock opened at $21.52 on Friday. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $37.50. The stock has a market cap of $4.17 billion, a price-to-earnings ratio of -86.08 and a beta of 0.40. The company has a fifty day moving average price of $22.72 and a 200 day moving average price of $23.53.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 EPS for the quarter, beating the consensus estimate of $0.07 by $0.02. The company had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The firm's revenue was up 51.9% compared to the same quarter last year. During the same period last year, the company posted $0.03 earnings per share. Analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Morgan Stanley set a $65.00 target price on Legend Biotech in a research report on Friday. Barclays dropped their price target on Legend Biotech from $80.00 to $78.00 and set an "overweight" rating for the company in a research note on Wednesday, August 12th. Weiss Ratings upgraded Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a report on Tuesday. Royal Bank Of Canada reduced their price objective on Legend Biotech from $59.00 to $58.00 and set an "outperform" rating on the stock in a research note on Wednesday, August 12th. Finally, TD Cowen decreased their target price on Legend Biotech from $29.00 to $24.00 and set a "hold" rating for the company in a report 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 stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $53.43.

About Legend Biotech

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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