Tidal Investments LLC Purchases 61,023 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Tidal Investments increased its Legend Biotech stake by 34% in the second quarter, purchasing 61,023 shares and bringing its holdings to 240,476 shares valued at approximately $6.95 million. Institutional investors collectively own 70.89% of the company.
• Analyst sentiment is mixed: eight analysts rate the stock a Buy, six rate it Hold, and one rates it Sell. The consensus rating is Hold, with an average price target of $53.14.
• Legend Biotech reported quarterly EPS of $0.09 versus estimates of $0.07, while revenue rose 51.9% year over year to $387.5 million. Despite the earnings beat, shares opened at $18.64, near their $16.24 one-year low.

Tidal Investments LLC increased its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 34.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 240,476 shares of the company's stock after purchasing an additional 61,023 shares during the period. Tidal Investments LLC owned 0.12% of Legend Biotech worth $6,945,000 at the end of the most recent reporting period.

A number of other institutional investors have also added to or reduced their stakes in the company. Parallel Advisors LLC boosted its holdings in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock valued at $34,000 after buying an additional 662 shares in the last quarter. Clearstead Advisors LLC grew its position in shares of 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 buying an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd increased its stake in shares of 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 acquiring an additional 3,374 shares in the last quarter. Raymond James Financial Inc. bought a new position in shares of Legend Biotech in the 2nd quarter worth about $78,000. Finally, IFM Investors Pty Ltd purchased a new position in Legend Biotech during the 1st quarter valued at about $81,000. Institutional investors own 70.89% of the company's stock.

Wall Street Analyst Weigh In

LEGN has been the topic of several research reports. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research note on Monday, July 13th. They set a "neutral" rating and a $35.00 price objective on the stock. Oppenheimer lowered shares of Legend Biotech from an "outperform" rating to a "market perform" rating and lowered their target price for the company from $75.00 to $40.00 in a report on Wednesday, August 12th. TD Cowen dropped their price target on Legend Biotech from $29.00 to $24.00 and set a "hold" rating on the stock in a research report on Wednesday, August 12th. Royal Bank Of Canada cut their price target 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, Raymond James Financial reaffirmed an "outperform" rating and set a $58.00 price objective on shares of Legend Biotech in a research report on Monday, July 27th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $53.14.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $18.64 on Friday. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -74.56 and a beta of 0.40. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $37.50. The company's 50-day moving average is $21.75 and its 200 day moving average is $23.59.

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

Insider Transactions at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.02% of the company's stock.

Legend Biotech Profile

Legend Biotech Corporation NASDAQ: LEGN is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company's work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient's immune system to recognize and attack cancer cells.

Legend Biotech's lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.

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