Squarepoint Ops LLC Raises Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Squarepoint Ops increased its Legend Biotech holdings by 60.4% in the second quarter, owning 769,252 shares worth approximately $22.2 million. Institutional investors collectively hold 70.89% of the company.
• Analyst sentiment remains mixed but leans positive: eight analysts rate the stock a Buy, six rate it Hold, and one rates it Sell. The consensus price target is $53.43, with recent targets ranging from $58 to $78.
• Legend Biotech reported quarterly revenue of $387.5 million, up 51.9% year over year, and earnings per share of $0.09, exceeding estimates of $0.07. Shares opened at $20.49, near the lower end of their $16.24–$37.50 one-year range.

Squarepoint Ops LLC lifted its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 60.4% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 769,252 shares of the company's stock after purchasing an additional 289,772 shares during the quarter. Squarepoint Ops LLC owned 0.40% of Legend Biotech worth $22,216,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Parallel Advisors LLC raised its holdings in shares of Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock valued at $34,000 after purchasing an additional 662 shares during the last quarter. Clearstead Advisors LLC grew its position in Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company's stock worth $76,000 after purchasing an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd grew its position in Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company's stock worth $78,000 after purchasing an additional 3,374 shares during the period. Raymond James Financial Inc. purchased a new stake in Legend Biotech during the 2nd quarter valued at $78,000. Finally, IFM Investors Pty Ltd purchased a new stake in Legend Biotech during the 1st quarter valued at $81,000. 70.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research firms recently commented on LEGN. Royal Bank Of Canada reduced their price objective on Legend Biotech from $59.00 to $58.00 and set an "outperform" rating for the company in a research report on Wednesday, August 12th. Weiss Ratings upgraded shares of Legend Biotech from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Tuesday, September 1st. Morgan Stanley set a $65.00 price objective on shares of Legend Biotech in a research note on Friday. Barclays cut their target price on shares of Legend Biotech from $80.00 to $78.00 and set an "overweight" rating for the company in a research report on Wednesday, August 12th. Finally, Raymond James Financial reaffirmed an "outperform" rating and set a $58.00 target price on shares of Legend Biotech in a report on Monday, July 27th. Eight research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $53.43.

Legend Biotech Price Performance

Shares of LEGN stock opened at $20.49 on Wednesday. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $37.50. The company's fifty day moving average price is $22.39 and its 200-day moving average price is $23.61. The company has a market capitalization of $3.97 billion, a price-to-earnings ratio of -81.96 and a beta of 0.40.

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

Insider Activity at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction dated 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 approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. 0.02% of the stock is owned by 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.