Zurcher Kantonalbank Zurich Cantonalbank Decreases Stake in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Zurcher Kantonalbank reduced its stake in Legend Biotech by 89.4% in Q4, selling 130,220 shares and leaving 15,427 shares worth about $335,000.
• Legend Biotech carries a consensus rating of Moderate Buy (11 Buy, 3 Hold, 1 Sell) with a consensus price target of $58.31, while analyst targets cited in reports range roughly from $50 to $90.
• CEO Ying Huang sold 9,936 shares at an average price of $8.77 (~$87,139), and the company posted an EPS beat ( $0.01 vs. -$0.17 expected) with revenue up 64.2% year‑over‑year for the quarter.

Zurcher Kantonalbank Zurich Cantonalbank lowered its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 89.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,427 shares of the company's stock after selling 130,220 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Legend Biotech were worth $335,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Clearstead Advisors LLC increased its stake in shares of Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company's stock worth $28,000 after acquiring an additional 367 shares during the period. Parallel Advisors LLC boosted its holdings in Legend Biotech by 171.9% during the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company's stock worth $34,000 after buying an additional 662 shares in the last quarter. Raymond James Financial Inc. purchased a new stake in Legend Biotech during the second quarter worth $78,000. Harvest Fund Management Co. Ltd purchased a new stake in Legend Biotech during the third quarter worth $104,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in Legend Biotech by 31.0% during the third 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 in the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Analysts Set New Price Targets

LEGN has been the topic of a number of recent analyst reports. Jefferies Financial Group reissued a "buy" rating and set a $69.00 price target on shares of Legend Biotech in a report on Tuesday, March 10th. Royal Bank Of Canada reduced their price objective on shares of Legend Biotech from $66.00 to $62.00 and set an "outperform" rating for the company in a research report on Wednesday, March 11th. HC Wainwright restated a "buy" rating and set a $50.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 21st. Barclays reduced their price objective on shares of Legend Biotech from $90.00 to $80.00 and set an "overweight" rating for the company in a research report on Wednesday, February 4th. Finally, Oppenheimer began coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They set an "outperform" rating and a $75.00 target price for the company. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.31.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total transaction of $87,138.72. Following the transaction, the chief executive officer directly owned 247,438 shares of the company's stock, valued at $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.02% of the stock is owned by company insiders.

Legend Biotech Price Performance

Shares of LEGN stock opened at $26.50 on Tuesday. The firm's 50-day moving average is $19.62 and its two-hundred day moving average is $22.90. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The company has a market capitalization of $4.90 billion, a PE ratio of -33.13 and a beta of 0.29.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Wednesday, March 11th. The company reported $0.01 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 company had revenue of $306.30 million for the quarter, compared to the consensus estimate of $310.21 million. During the same period in the previous year, the firm earned $0.07 earnings per share. Legend Biotech's quarterly revenue was up 64.2% compared to the same quarter last year. Sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.31 EPS for the current year.

Legend Biotech 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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