Legend Biotech Corporation Sponsored ADR $LEGN Shares Bought by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP increased its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 1.2% in the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 6,164,677 shares of the company’s stock after purchasing an additional 70,191 shares during the period. Westfield Capital Management Co. LP owned 3.34% of Legend Biotech worth $134,020,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of LEGN. Clearstead Advisors LLC grew 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 purchasing an additional 367 shares in the last quarter. Parallel Advisors LLC grew its stake in Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Legend Biotech in the second quarter worth about $78,000. Harvest Fund Management Co. Ltd acquired a new position in Legend Biotech in the third quarter worth about $104,000. Finally, Public Employees Retirement System of Ohio grew its stake in Legend Biotech by 31.0% in the third quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock worth $124,000 after purchasing an additional 900 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on LEGN. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a report on Monday, February 23rd. Weiss Ratings cut shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday. Royal Bank Of Canada raised their target price on shares of Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a report on Wednesday, May 13th. Rothschild & Co Redburn cut shares of Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a report on Thursday, February 12th. Finally, TD Cowen raised their target price on shares of Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $60.23.

Insider Buying and Selling

In related news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the sale, the chief executive officer owned 247,438 shares of the company’s stock, valued at $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.02% of the stock is currently owned by insiders.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $34.20 on Friday. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The stock has a market cap of $6.35 billion, a price-to-earnings ratio of -50.29 and a beta of 0.35. The stock’s 50 day moving average price is $24.39 and its 200 day moving average price is $22.40.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Wednesday, May 13th. The company reported ($0.03) EPS 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 firm had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same period in the previous year, the firm earned ($0.07) EPS. Legend Biotech’s revenue for the quarter was up 56.5% on a year-over-year basis. On average, sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.03 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.