iA Global Asset Management Inc. Acquires 77,345 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

iA Global Asset Management Inc. grew its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 50.5% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 230,587 shares of the company’s stock after acquiring an additional 77,345 shares during the quarter. iA Global Asset Management Inc.’s holdings in Legend Biotech were worth $4,171,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Clearstead Advisors LLC lifted its stake in Legend Biotech by 76.5% in the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after acquiring an additional 367 shares during the period. Parallel Advisors LLC increased 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 valued at $34,000 after purchasing an additional 662 shares during the period. Caitong International Asset Management Co. Ltd increased 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 valued at $78,000 after purchasing an additional 3,374 shares during the period. Raymond James Financial Inc. bought a new position in Legend Biotech in the 2nd quarter worth $78,000. Finally, Harvest Fund Management Co. Ltd bought a new position in Legend Biotech in the 3rd quarter worth $104,000. Institutional investors own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

LEGN has been the topic of several research analyst reports. HC Wainwright boosted their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Truist Financial cut Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. Morgan Stanley reduced their target price on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a report on Wednesday, May 13th. Jefferies Financial Group restated a “buy” rating and issued a $69.00 target price on shares of Legend Biotech in a research note on Tuesday, March 10th. Finally, UBS Group lifted their price target on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Eleven investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.23.

Insider Buying and Selling

In other news, CEO Ying Huang sold 5,566 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the sale, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at approximately $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.02% of the company’s stock.

Legend Biotech Stock Up 3.5%

Shares of LEGN opened at $29.89 on Thursday. The business’s 50 day moving average price is $29.11 and its 200-day moving average price is $22.98. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $45.30. The stock has a market cap of $5.55 billion, a P/E ratio of -43.96 and a beta of 0.34.

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 the consensus estimate of ($0.02) by ($0.01). Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.The company had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. During the same quarter in the previous year, the company earned ($0.07) EPS. The business’s quarterly revenue was up 56.5% on a year-over-year basis.

Legend Biotech 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.