Prudential PLC Sells 16,238 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Prudential PLC lessened its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 49.3% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 16,724 shares of the company’s stock after selling 16,238 shares during the period. Prudential PLC’s holdings in Legend Biotech were worth $364,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LEGN. Clearstead Advisors LLC grew its position 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 buying an additional 367 shares during the last quarter. Parallel Advisors LLC grew its position in shares of 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 buying an additional 662 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Legend Biotech in the 2nd quarter valued at about $78,000. Harvest Fund Management Co. Ltd bought a new stake in shares of Legend Biotech in the 3rd quarter valued at about $104,000. Finally, Public Employees Retirement System of Ohio grew its position in shares of 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 buying an additional 900 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on LEGN shares. Royal Bank Of Canada upped their target price on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Weiss Ratings lowered Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 3rd. Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. Morgan Stanley cut their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research report on Wednesday, May 13th. Finally, TD Cowen upped their target price on Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Eleven investment analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.23.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares in the company, valued at $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.02% of the stock is currently owned by corporate insiders.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $31.52 on Tuesday. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $45.30. The stock’s 50-day moving average is $24.98 and its 200 day moving average is $22.44. The firm has a market cap of $5.85 billion, a price-to-earnings ratio of -46.35 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share 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 firm’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same period last year, the company posted ($0.07) earnings per share. On average, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.03 EPS 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.