UBS Group AG Cuts Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• UBS Group AG slashed its stake in Legend Biotech by 77.8% in the fourth quarter, selling 786,247 shares and leaving it with 224,612 shares worth about $4.88 million.
• Legend Biotech reported mixed quarterly results, posting a smaller-than-expected loss of $0.03 per share while revenue came in at $305.1 million, just below estimates but up 56.5% year over year.
• Analysts remain generally upbeat on the stock, with a consensus rating of “Moderate Buy” and an average price target of $59, even as recent ratings and targets have been mixed.

UBS Group AG reduced its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 77.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 224,612 shares of the company's stock after selling 786,247 shares during the quarter. UBS Group AG owned about 0.12% of Legend Biotech worth $4,883,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also made changes to their positions in the company. Clearstead Advisors LLC raised its position in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company's stock worth $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC raised its position in shares of Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock worth $34,000 after buying an additional 662 shares during the period. Raymond James Financial Inc. purchased a new position in shares of Legend Biotech in the 2nd quarter worth $78,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Legend Biotech in the 3rd quarter worth $104,000. Finally, Public Employees Retirement System of Ohio raised its position in shares of Legend Biotech by 31.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company's stock worth $124,000 after buying an additional 900 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction dated Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the sale, the chief executive officer directly owned 247,438 shares of the company's stock, valued at approximately $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.02% of the company's stock.

Analyst Ratings Changes

LEGN has been the topic of several research reports. Royal Bank Of Canada increased their target price on Legend Biotech from $62.00 to $64.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Rothschild & Co Redburn lowered Legend Biotech from a "buy" rating to a "neutral" rating and set a $24.00 price objective on the stock. in a research report on Thursday, February 12th. Jefferies Financial Group reissued a "buy" rating and issued a $69.00 price objective on shares of Legend Biotech in a research report on Tuesday, March 10th. TD Cowen raised their price objective on Legend Biotech to $29.00 and gave the company a "hold" rating in a research report on Wednesday, May 13th. Finally, Morgan Stanley cut their price objective on Legend Biotech from $49.00 to $48.00 and set an "overweight" rating on the stock in a research report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus target price of $59.00.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $27.99 on Friday. The business's 50-day moving average is $21.98 and its two-hundred day moving average is $22.49. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The firm has a market capitalization of $5.18 billion, a PE ratio of -41.16 and a beta of 0.29.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) EPS for the quarter, missing the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The company had revenue of $305.10 million during the quarter, compared to analysts' expectations of $306.51 million. During the same period last year, the business earned ($0.07) earnings per share. The company's revenue for the quarter was up 56.5% compared to the same quarter last year. Equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.2 EPS for the current year.

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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