Y Intercept Hong Kong Ltd Invests $4.04 Million in Legend Biotech Corporation Sponsored ADR $LEGN

Y Intercept Hong Kong Ltd purchased a new stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 223,296 shares of the company’s stock, valued at approximately $4,039,000. Y Intercept Hong Kong Ltd owned approximately 0.12% of Legend Biotech at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the business. Suvretta Capital Management LLC raised its holdings in shares of Legend Biotech by 73.1% during the fourth quarter. Suvretta Capital Management LLC now owns 6,608,629 shares of the company’s stock worth $143,672,000 after purchasing an additional 2,790,620 shares during the period. Westfield Capital Management Co. LP boosted its holdings in shares of Legend Biotech by 1.2% in the 4th quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock valued at $134,020,000 after buying an additional 70,191 shares during the period. Goldman Sachs Group Inc. grew its position in shares of Legend Biotech by 120.5% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,174,535 shares of the company’s stock valued at $47,274,000 after buying an additional 1,188,449 shares during the last quarter. Alliancebernstein L.P. raised its stake in Legend Biotech by 4.6% during the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after acquiring an additional 72,371 shares during the period. Finally, State Street Corp lifted its holdings in Legend Biotech by 31.0% in the fourth quarter. State Street Corp now owns 1,516,368 shares of the company’s stock worth $32,966,000 after acquiring an additional 359,246 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Insider Buying and Selling at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction 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 transaction, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.02% of the stock is currently owned by corporate insiders.

Legend Biotech Price Performance

LEGN opened at $29.91 on Monday. The business has a 50 day moving average price of $29.29 and a two-hundred day moving average price of $23.08. Legend Biotech Corporation Sponsored ADR has a 1-year low of $16.24 and a 1-year high of $45.30. The company has a market capitalization of $5.56 billion, a price-to-earnings ratio of -43.98 and a beta of 0.34.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Wednesday, May 13th. The company reported ($0.03) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.01). The firm had revenue of $305.10 million for the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative return on equity of 24.92% and a negative net margin of 21.98%.Legend Biotech’s revenue was up 56.5% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.07) earnings per share.

Analyst Ratings Changes

Several equities analysts have recently commented on LEGN shares. Royal Bank Of Canada upped their target price on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. TD Cowen upped their price objective on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Truist Financial lowered Legend Biotech from a “strong-buy” rating to a “hold” rating in a research report on Friday, March 20th. UBS Group raised their target price on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Finally, HC Wainwright boosted their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a report on Wednesday, June 3rd. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

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.