Connective Portfolio Management LLC Acquires New Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Connective Portfolio Management LLC bought a new stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 24,500 shares of the company’s stock, valued at approximately $805,000. Legend Biotech makes up about 1.4% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 27th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Vontobel Holding Ltd. increased its position in shares of Legend Biotech by 8.7% in the 3rd quarter. Vontobel Holding Ltd. now owns 11,713 shares of the company’s stock valued at $382,000 after buying an additional 941 shares in the last quarter. OFI Invest Asset Management increased its holdings in shares of Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after acquiring an additional 622 shares in the last quarter. Squarepoint Ops LLC raised its position in shares of Legend Biotech by 77.6% during the second quarter. Squarepoint Ops LLC now owns 148,681 shares of the company’s stock worth $5,277,000 after purchasing an additional 64,956 shares during the period. Nomura Holdings Inc. lifted its holdings in shares of Legend Biotech by 244.3% during the 2nd quarter. Nomura Holdings Inc. now owns 27,961 shares of the company’s stock valued at $992,000 after purchasing an additional 19,840 shares in the last quarter. Finally, Exome Asset Management LLC acquired a new position in shares of Legend Biotech in the 2nd quarter valued at approximately $1,033,000. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on LEGN. JPMorgan Chase & Co. cut their price target on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research note on Thursday, October 9th. Barclays dropped their price objective on shares of Legend Biotech from $94.00 to $90.00 and set an “overweight” rating on the stock in a report on Thursday, November 13th. Cantor Fitzgerald cut their price objective on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. HC Wainwright reiterated a “buy” rating on shares of Legend Biotech in a report on Wednesday, November 26th. Finally, Morgan Stanley dropped their price target on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating on the stock in a research note on Friday, December 12th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $68.10.

Legend Biotech Trading Down 2.0%

Shares of NASDAQ:LEGN opened at $22.53 on Friday. The company’s 50-day moving average price is $27.96 and its two-hundred day moving average price is $33.19. Legend Biotech Corporation Sponsored ADR has a one year low of $21.19 and a one year high of $45.30. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The stock has a market capitalization of $4.16 billion, a PE ratio of -34.66 and a beta of 0.09.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. Legend Biotech had a negative return on equity of 24.47% and a negative net margin of 26.37%.The business had revenue of $272.33 million for the quarter, compared to the consensus estimate of $277.91 million. During the same quarter in the previous year, the business earned ($0.34) earnings per share. Legend Biotech’s quarterly revenue was up 70.0% on a year-over-year basis. On average, equities analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

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.