Prudential PLC Sells 16,238 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Prudential PLC decreased its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 49.3% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,724 shares of the company’s stock after selling 16,238 shares during the quarter. Prudential PLC’s holdings in Legend Biotech were worth $364,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Clearstead Advisors LLC increased its holdings in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after acquiring an additional 367 shares in the last quarter. Parallel Advisors LLC increased its holdings in shares of 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 acquiring an additional 662 shares in the last quarter. Public Employees Retirement System of Ohio boosted its position in shares of Legend Biotech by 31.0% during the third quarter. Public Employees Retirement System of Ohio now owns 3,800 shares of the company’s stock valued at $124,000 after buying an additional 900 shares during the last quarter. Public Sector Pension Investment Board boosted its position in shares of Legend Biotech by 4.9% during the third quarter. Public Sector Pension Investment Board now owns 25,789 shares of the company’s stock valued at $841,000 after buying an additional 1,200 shares during the last quarter. Finally, Royal London Asset Management Ltd. boosted its position in shares of Legend Biotech by 2.0% during the second quarter. Royal London Asset Management Ltd. now owns 60,800 shares of the company’s stock valued at $2,158,000 after buying an additional 1,200 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Down 3.4%

Shares of NASDAQ:LEGN opened at $31.52 on Tuesday. The business’s 50 day moving average is $24.98 and its 200 day moving average is $22.44. 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 $5.85 billion, a price-to-earnings ratio of -46.35 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Wednesday, May 13th. The company reported ($0.03) earnings per share 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 business had revenue of $305.10 million during the quarter, compared to analysts’ expectations of $306.51 million. During the same period in the prior year, the firm posted ($0.07) EPS. The firm’s revenue for the quarter was up 56.5% on a year-over-year basis. As a group, equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.03 earnings per share for the current year.

Insiders Place Their Bets

In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of the business’s stock in a transaction on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value of $87,138.72. Following the transaction, the chief executive officer owned 247,438 shares of the company’s stock, valued at approximately $2,170,031.26. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.02% of the company’s stock.

Analyst Ratings Changes

Several brokerages recently issued reports on LEGN. Truist Financial cut Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. UBS Group lifted their target price on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. TD Cowen lifted their target price on Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Weiss Ratings cut Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, June 3rd. Finally, Rothschild & Co Redburn cut Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price on the stock. in a research report on Thursday, February 12th. Eleven research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Legend Biotech Company 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.