Hsbc Holdings PLC Has $5.79 Million Position in Legend Biotech Corporation Sponsored ADR $LEGN

Hsbc Holdings PLC cut its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 49.6% during the 4th quarter, Holdings Channel.com reports. The firm owned 266,134 shares of the company’s stock after selling 261,480 shares during the period. Hsbc Holdings PLC’s holdings in Legend Biotech were worth $5,788,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently modified their holdings of LEGN. Parallel Advisors LLC boosted its holdings in shares of 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 buying an additional 662 shares during the period. Clearstead Advisors LLC raised its holdings in Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after acquiring an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd lifted its position in Legend Biotech by 1,730.3% during the fourth 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 last quarter. Raymond James Financial Inc. acquired a new stake in Legend Biotech during the second quarter worth approximately $78,000. Finally, Harvest Fund Management Co. Ltd bought a new stake in shares of Legend Biotech during the third quarter worth approximately $104,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on LEGN. UBS Group increased their target price on Legend Biotech from $31.00 to $49.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. TD Cowen upped their price objective on Legend Biotech to $29.00 and gave the company a “hold” rating in a report on Wednesday, May 13th. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday, June 24th. HC Wainwright upped their target price on Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, June 3rd. Finally, Morgan Stanley dropped their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a 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 issued a Sell rating to the company’s stock. According to data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and an average target price of $60.15.

Legend Biotech Stock Down 1.8%

Shares of LEGN stock opened at $27.38 on Friday. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $45.30. The stock’s fifty day simple moving average is $29.61 and its 200 day simple moving average is $23.26. The firm has a market capitalization of $5.09 billion, a P/E ratio of -40.26 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Wednesday, May 13th. The company reported ($0.03) 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 net margin of 21.98% and a negative return on equity of 24.92%. The business’s revenue for the quarter was up 56.5% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.07) earnings per share. As a group, equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.01 EPS for the current fiscal year.

Insider Transactions at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the transaction, the chief executive officer owned 241,872 shares in the company, valued at $3,574,868.16. This trade represents a 2.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.02% of the stock is currently owned by company insiders.

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.