Artisan Partners Limited Partnership Purchases 425,684 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Artisan Partners Limited Partnership increased its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 20.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,547,952 shares of the company’s stock after acquiring an additional 425,684 shares during the period. Artisan Partners Limited Partnership owned about 1.38% of Legend Biotech worth $83,089,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. Clearstead Advisors LLC boosted its holdings in shares of Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares in the last quarter. OFI Invest Asset Management boosted its stake in Legend Biotech by 102.6% in the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after buying an additional 622 shares in the last quarter. Hantz Financial Services Inc. grew its position in Legend Biotech by 913.0% in the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock valued at $74,000 after acquiring an additional 1,890 shares during the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech in the second quarter valued at about $78,000. Finally, Shell Asset Management Co. raised its stake in Legend Biotech by 144.5% during the third quarter. Shell Asset Management Co. now owns 5,171 shares of the company’s stock worth $169,000 after acquiring an additional 3,056 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on LEGN shares. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Monday, February 23rd. Cantor Fitzgerald decreased their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 17th. Barclays dropped their price target on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating for the company in a research note on Wednesday, February 4th. Royal Bank Of Canada restated an “outperform” rating and set a $66.00 price objective on shares of Legend Biotech in a research report on Tuesday, January 20th. Finally, Morgan Stanley lowered their target price on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a report on Friday, December 12th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $55.08.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $19.00 on Friday. The stock has a market cap of $3.51 billion, a price-to-earnings ratio of -29.23 and a beta of 0.10. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $45.30. The company’s fifty day moving average is $20.06 and its 200 day moving average is $27.50. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17.

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.