PSP Research LLC Invests $530,000 in Legend Biotech Corporation Sponsored ADR $LEGN

PSP Research LLC acquired a new position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 4th quarter, HoldingsChannel reports. The fund acquired 24,397 shares of the company’s stock, valued at approximately $530,000.

Other large investors have also modified their holdings of the company. Clearstead Advisors LLC boosted its holdings in shares of Legend Biotech by 76.5% during the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC boosted its holdings in Legend Biotech by 171.9% in the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock valued at $34,000 after purchasing an additional 662 shares during the period. Raymond James Financial Inc. bought a new stake in Legend Biotech in the 2nd quarter valued at $78,000. Harvest Fund Management Co. Ltd bought a new stake in Legend Biotech in the 3rd quarter valued at $104,000. Finally, Public Employees Retirement System of Ohio boosted its holdings in Legend Biotech by 31.0% in the 3rd quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after purchasing an additional 900 shares during the period. 70.89% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Royal Bank Of Canada increased their price target on shares of Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. TD Cowen increased their price target on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Rothschild & Co Redburn downgraded shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 price target for the company. in a report on Thursday, February 12th. Finally, Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, May 6th. Eleven research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $59.00.

Legend Biotech Stock Down 0.1%

Shares of Legend Biotech stock opened at $26.94 on Wednesday. The stock has a market capitalization of $4.98 billion, a P/E ratio of -39.62 and a beta of 0.29. The company has a 50-day simple moving average of $21.63 and a 200 day simple moving average of $22.55. 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 announced its earnings results on Tuesday, May 12th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The firm had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) EPS. On average, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post 0.2 earnings per share for the current year.

Insiders Place Their Bets

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the firm’s stock in a transaction dated Wednesday, March 25th. The shares were sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares in the company, valued at approximately $2,170,031.26. This trade represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.02% of the company’s stock.

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.