Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Hsbc Holdings PLC

Hsbc Holdings PLC trimmed its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 49.6% in the fourth quarter, Holdings Channel.com reports. The institutional investor owned 266,134 shares of the company’s stock after selling 261,480 shares during the quarter. Hsbc Holdings PLC’s holdings in Legend Biotech were worth $5,788,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in LEGN. Clearstead Advisors LLC increased its position in 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 acquiring an additional 367 shares during the period. Parallel Advisors LLC lifted its position in Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after acquiring an additional 662 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after acquiring an additional 3,374 shares during the period. Raymond James Financial Inc. acquired a new stake in Legend Biotech during the 2nd quarter worth approximately $78,000. Finally, Harvest Fund Management Co. Ltd purchased a new position in shares of Legend Biotech in the 3rd quarter valued at approximately $104,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on LEGN shares. HC Wainwright boosted their target price on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price objective on shares of Legend Biotech in a research note on Tuesday, March 10th. Royal Bank Of Canada upped their price objective on shares of Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. Finally, Morgan Stanley reduced their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

Legend Biotech Trading Up 0.9%

NASDAQ LEGN opened at $28.69 on Friday. The stock has a market capitalization of $5.33 billion, a price-to-earnings ratio of -42.19 and a beta of 0.35. The business’s 50 day moving average is $28.70 and its two-hundred day moving average is $22.87. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results 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 business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same period in the prior year, the business earned ($0.07) earnings per share. The firm’s quarterly revenue was up 56.5% compared to the same quarter last year. Equities analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current fiscal 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.