Capital International Investors Sells 140,873 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Capital International Investors decreased its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 13.0% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 941,600 shares of the company’s stock after selling 140,873 shares during the quarter. Capital International Investors owned about 0.51% of Legend Biotech worth $30,706,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Clearstead Advisors LLC grew its holdings in shares of Legend Biotech by 76.5% in the third 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. Parallel Advisors LLC increased its position in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares during the last quarter. OFI Invest Asset Management raised its stake in Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock valued at $40,000 after purchasing an additional 622 shares in the last quarter. Raymond James Financial Inc. bought a new position in Legend Biotech during the second quarter valued at $78,000. Finally, Shell Asset Management Co. lifted its position in Legend Biotech by 144.5% during the third quarter. Shell Asset Management Co. now owns 5,171 shares of the company’s stock valued at $169,000 after purchasing an additional 3,056 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $19.05 on Friday. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $45.30. The business has a fifty day moving average price of $19.42 and a 200 day moving average price of $26.38. The stock has a market capitalization of $3.52 billion, a P/E ratio of -23.81 and a beta of 0.07.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, March 10th. The company reported $0.01 EPS for the quarter, beating 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 during the quarter, compared to analysts’ expectations of $310.21 million. During the same quarter in the prior year, the company posted $0.07 earnings per share. Legend Biotech’s revenue for the quarter was up 64.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LEGN shares. Oppenheimer assumed coverage on Legend Biotech in a research report on Wednesday, January 7th. They issued an “outperform” rating and a $75.00 price target for the company. TD Cowen restated a “hold” rating and set a $21.00 price objective (down from $62.00) on shares of Legend Biotech in a research report on Thursday, January 22nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Legend Biotech in a research note on Monday, December 29th. Morgan Stanley dropped their target price on Legend Biotech from $50.00 to $49.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, Barclays cut their target price on Legend Biotech from $90.00 to $80.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 4th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $58.31.

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.