Legend Biotech Corporation Sponsored ADR $LEGN Stock Holdings Lowered by Matthews International Capital Management LLC

Key Points

• Matthews International Capital Management cut its stake in Legend Biotech by 7% in Q4, selling 71,623 shares to hold 956,824 shares (~$20.8M), making LEGN its fourth-largest position and representing roughly 0.52% of the company.
• Financials: Legend Biotech beat EPS expectations for the quarter ($0.01 vs. -$0.17) and reported revenue up 64.2% year-over-year to $306.3M, but remains unprofitable (negative net margin and ROE); analysts have a consensus "Moderate Buy" with an average target of $58.31.
• Insider and institutional positioning: CEO Ying Huang sold 9,936 shares in March, insiders now own about 0.02% of the stock, while hedge funds and other institutions hold roughly 70.9% of shares outstanding.

Matthews International Capital Management LLC reduced its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 7.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 956,824 shares of the company's stock after selling 71,623 shares during the period. Legend Biotech comprises 6.3% of Matthews International Capital Management LLC's holdings, making the stock its 4th biggest position. Matthews International Capital Management LLC owned about 0.52% of Legend Biotech worth $20,801,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in the business. Universal Beteiligungs und Servicegesellschaft mbH boosted its holdings in shares of Legend Biotech by 11.5% in the 4th quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 35,841 shares of the company's stock valued at $779,000 after acquiring an additional 3,699 shares during the last quarter. Clear Creek Financial Management LLC purchased a new stake in shares of Legend Biotech in the 4th quarter valued at $217,000. Harbor Capital Advisors Inc. boosted its holdings in shares of Legend Biotech by 24.8% in the 4th quarter. Harbor Capital Advisors Inc. now owns 30,141 shares of the company's stock valued at $655,000 after acquiring an additional 5,996 shares during the last quarter. Aberdeen Group plc boosted its holdings in shares of Legend Biotech by 62.5% in the 4th quarter. Aberdeen Group plc now owns 29,782 shares of the company's stock valued at $647,000 after acquiring an additional 11,456 shares during the last quarter. Finally, Tempus Wealth Planning LLC boosted its holdings in shares of Legend Biotech by 51.3% in the 4th quarter. Tempus Wealth Planning LLC now owns 12,217 shares of the company's stock valued at $266,000 after acquiring an additional 4,141 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $23.90 on Friday. The company's fifty day moving average price is $19.20 and its 200 day moving average price is $23.27. Legend Biotech Corporation Sponsored ADR has a 1 year low of $16.24 and a 1 year high of $45.30. The company has a market capitalization of $4.42 billion, a PE ratio of -29.88 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Wednesday, March 11th. The company reported $0.01 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.17) by $0.18. Legend Biotech had a negative net margin of 28.86% and a negative return on equity of 21.93%. The firm had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. During the same period in the prior year, the firm posted $0.07 earnings per share. The firm's quarterly revenue was up 64.2% compared to the same quarter last year. On average, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently commented on LEGN. Barclays dropped their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an "overweight" rating on the stock in a report on Wednesday, February 4th. Royal Bank Of Canada dropped their price objective on shares of Legend Biotech from $66.00 to $62.00 and set an "outperform" rating on the stock in a report on Wednesday, March 11th. Raymond James Financial reissued an "outperform" rating on shares of Legend Biotech in a report on Monday, February 23rd. Weiss Ratings reissued a "sell (e+)" rating on shares of Legend Biotech in a report on Monday, December 29th. Finally, Oppenheimer assumed coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They set an "outperform" rating and a $75.00 price target on the stock. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, Legend Biotech has a consensus rating of "Moderate Buy" and an average target price of $58.31.

Insiders Place Their Bets

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the company's stock in a transaction on Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the transaction, the chief executive officer directly owned 247,438 shares in the company, valued at approximately $2,170,031.26. This represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.02% of the company's stock.

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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