Legend Biotech Corporation Sponsored ADR $LEGN is Matthews International Capital Management LLC’s 4th Largest Position

Matthews International Capital Management LLC lowered its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 3.2% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 925,920 shares of the company’s stock after selling 30,904 shares during the period. Legend Biotech comprises about 6.8% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 4th biggest holding. Matthews International Capital Management LLC owned 0.50% of Legend Biotech worth $16,750,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of LEGN. SG Americas Securities LLC boosted its position in Legend Biotech by 6,774.9% during the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock valued at $8,081,000 after purchasing an additional 366,321 shares during the last quarter. Hudson Bay Capital Management LP raised its stake in shares of Legend Biotech by 42.4% during the 3rd quarter. Hudson Bay Capital Management LP now owns 220,000 shares of the company’s stock worth $7,174,000 after purchasing an additional 65,500 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in shares of Legend Biotech during the 1st quarter worth about $4,039,000. Casdin Capital LLC acquired a new stake in shares of Legend Biotech during the 4th quarter valued at about $4,674,000. Finally, Eagle Health Investments LP acquired a new stake in shares of Legend Biotech during the 4th quarter valued at about $8,884,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $27.08 on Monday. The stock has a 50-day simple moving average of $29.69 and a 200 day simple moving average of $23.29. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $45.30. The stock has a market capitalization of $5.03 billion, a PE ratio of -39.82 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 business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The business’s quarterly revenue was up 56.5% compared to the same quarter last year. During the same period last year, the business earned ($0.07) EPS. As a group, equities research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.01 EPS for the current fiscal year.

Insider Activity

In other 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 sale, the chief executive officer owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.02% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Weiss Ratings downgraded Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a report on Friday. Morgan Stanley reduced their target price on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. UBS Group lifted their price objective on shares of Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Truist Financial cut shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a report on Friday, March 20th. Finally, Royal Bank Of Canada cut their target price on Legend Biotech from $64.00 to $63.00 and set an “outperform” rating on the stock in a report on Tuesday, July 7th. Eleven equities 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.15.

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.