Headlands Technologies LLC Sells 25,433 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Headlands Technologies LLC reduced its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 51.5% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 23,995 shares of the company’s stock after selling 25,433 shares during the quarter. Headlands Technologies LLC’s holdings in Legend Biotech were worth $693,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Parallel Advisors LLC grew its holdings in Legend Biotech by 171.9% during the third 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 last quarter. Clearstead Advisors LLC lifted its stake in shares of Legend Biotech by 310.7% in the fourth quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock worth $76,000 after buying an additional 2,632 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its holdings in shares of 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 buying an additional 3,374 shares during the period. Raymond James Financial Inc. bought a new stake in shares of Legend Biotech during the 2nd quarter worth $78,000. Finally, IFM Investors Pty Ltd acquired a new position in Legend Biotech in the 1st quarter valued at $81,000. Institutional investors own 70.89% of the company’s stock.

Insiders Place Their Bets

In other news, CEO Ying Huang sold 5,566 shares of the stock in a transaction that occurred 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 completion of the transaction, 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 position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.02% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN stock opened at $21.13 on Wednesday. The stock has a market cap of $4.09 billion, a P/E ratio of -84.52 and a beta of 0.40. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $37.50. The stock has a fifty day moving average price of $23.15 and a 200 day moving average price of $23.49.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.07 by $0.02. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same quarter in the previous year, the firm posted $0.03 EPS. The business’s revenue for the quarter was up 51.9% on a year-over-year basis. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LEGN shares. Benchmark reiterated a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. TD Cowen decreased their price target on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a report on Wednesday, August 12th. Weiss Ratings downgraded Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, August 18th. HC Wainwright reiterated a “buy” rating and issued a $65.00 price objective on shares of Legend Biotech in a research note on Tuesday, July 28th. Finally, UBS Group reissued a “neutral” rating and set a $28.00 price objective (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $52.29.

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.