82,015 Shares in Legend Biotech Corporation Sponsored ADR $LEGN Acquired by Wellington Management Group LLP

Wellington Management Group LLP bought a new stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor bought 82,015 shares of the company’s stock, valued at approximately $2,369,000.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in LEGN. 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. Clearstead Advisors LLC lifted its position in shares of Legend Biotech by 310.7% in the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock worth $76,000 after purchasing an additional 2,632 shares during the period. Caitong International Asset Management Co. Ltd boosted its stake in shares of Legend Biotech by 1,730.3% in 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 last quarter. Raymond James Financial Inc. bought a new stake in shares of Legend Biotech in the 2nd quarter valued at $78,000. Finally, IFM Investors Pty Ltd acquired a new stake in shares of Legend Biotech during the first quarter worth $81,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Insider Buying and Selling at Legend Biotech

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction 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 transaction, the chief executive officer directly owned 241,872 shares of the company’s stock, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LEGN. HC Wainwright reissued a “buy” rating and set a $65.00 target price on shares of Legend Biotech in a research note on Friday, September 4th. Morgan Stanley set a $65.00 price target on shares of Legend Biotech in a research report on Friday, September 4th. Barclays lowered their price objective on Legend Biotech from $80.00 to $78.00 and set an “overweight” rating for the company in a research report on Wednesday, August 12th. Benchmark restated a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. Finally, UBS Group reaffirmed a “neutral” rating and set a $28.00 target price (down from $49.00) on shares of Legend Biotech in a research note on Monday, July 27th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $53.43.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $19.19 on Friday. The stock has a market capitalization of $3.72 billion, a PE ratio of -76.76 and a beta of 0.40. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $37.50. The stock has a 50 day moving average price of $21.98 and a two-hundred day moving average price of $23.63.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.The company had revenue of $387.50 million for the quarter, compared to analysts’ expectations of $355.96 million. During the same period last year, the business earned $0.03 EPS. Legend Biotech’s quarterly revenue was up 51.9% compared to the same quarter last year. Research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current year.

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.