Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Matthews International Capital Management LLC

Matthews International Capital Management LLC lowered its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 20.5% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,028,447 shares of the company’s stock after selling 264,605 shares during the quarter. Legend Biotech accounts for about 7.8% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 3rd biggest position. Matthews International Capital Management LLC’s holdings in Legend Biotech were worth $33,538,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also made changes to their positions in the company. OFI Invest Asset Management grew its holdings in Legend Biotech by 102.6% in the 3rd quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after buying an additional 622 shares in the last quarter. Quarry LP acquired a new position in Legend Biotech during the 1st quarter worth $48,000. Hantz Financial Services Inc. grew its stake in shares of Legend Biotech by 913.0% in the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after purchasing an additional 1,890 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Legend Biotech during the second quarter valued at $78,000. Finally, Allostery Investments LP bought a new stake in shares of Legend Biotech during the first quarter valued at about $161,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Stock Performance

Shares of LEGN opened at $22.53 on Friday. The company has a debt-to-equity ratio of 0.17, a current ratio of 2.86 and a quick ratio of 2.80. The firm’s 50 day moving average is $27.96 and its 200-day moving average is $33.16. Legend Biotech Corporation Sponsored ADR has a 12-month low of $21.19 and a 12-month high of $45.30. The stock has a market capitalization of $4.16 billion, a P/E ratio of -34.66 and a beta of 0.09.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $272.33 million during the quarter, compared to analysts’ expectations of $277.91 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same period last year, the firm posted ($0.34) earnings per share. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Royal Bank Of Canada reiterated an “outperform” rating and issued a $74.00 target price on shares of Legend Biotech in a research report on Monday, December 8th. Barclays reduced their price target on shares of Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. HC Wainwright reiterated a “buy” rating on shares of Legend Biotech in a research note on Wednesday, November 26th. Morgan Stanley cut their target price on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a research report on Friday, December 12th. Finally, JPMorgan Chase & Co. decreased their price target on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday, October 9th. Ten analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $68.10.

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.