Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Montanova Capital LLC

Montanova Capital LLC cut its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 6.7% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 7,070,000 shares of the company’s stock after selling 511,029 shares during the quarter. Legend Biotech makes up approximately 3.4% of Montanova Capital LLC’s portfolio, making the stock its 4th largest holding. Montanova Capital LLC’s holdings in Legend Biotech were worth $204,182,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership raised its holdings in shares of Legend Biotech by 343.6% during the first quarter. Arrowstreet Capital Limited Partnership now owns 406,901 shares of the company’s stock valued at $7,361,000 after acquiring an additional 315,176 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of Legend Biotech in the first quarter valued at approximately $4,039,000. Renaissance Technologies LLC boosted its stake in shares of Legend Biotech by 29.5% in the first quarter. Renaissance Technologies LLC now owns 521,800 shares of the company’s stock worth $9,439,000 after acquiring an additional 119,000 shares during the last quarter. Assenagon Asset Management S.A. acquired a new stake in shares of Legend Biotech in the second quarter worth approximately $55,307,000. Finally, Candriam S.C.A. increased its position in shares of Legend Biotech by 79.6% during the first quarter. Candriam S.C.A. now owns 470,292 shares of the company’s stock worth $8,508,000 after purchasing an additional 208,477 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Trading Up 4.5%

Shares of LEGN opened at $20.78 on Tuesday. Legend Biotech Corporation Sponsored ADR has a 12-month low of $16.24 and a 12-month high of $37.50. The firm has a market capitalization of $4.03 billion, a P/E ratio of -83.12 and a beta of 0.37. The firm has a 50-day moving average price of $23.31 and a 200 day moving average price of $23.47.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating the consensus estimate of $0.07 by $0.02. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The company had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. During the same period in the previous year, the business posted $0.03 EPS. Legend Biotech’s revenue was up 51.9% on a year-over-year basis. Equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on LEGN. TD Cowen reduced their price objective on Legend Biotech from $29.00 to $24.00 and set a “hold” rating for the company in a research note on Wednesday, August 12th. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 target price for the company. HC Wainwright reaffirmed a “buy” rating and set a $65.00 target price on shares of Legend Biotech in a report on Tuesday, July 28th. UBS Group reiterated a “neutral” rating and issued a $28.00 target price (down from $49.00) on shares of Legend Biotech in a research report on Monday, July 27th. Finally, Weiss Ratings downgraded shares of Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Tuesday, August 18th. Eight investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $52.29.

Insider Activity at Legend Biotech

In other news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $14.78, for a total transaction of $82,265.48. Following the sale, the chief executive officer owned 241,872 shares of the company’s stock, valued at approximately $3,574,868.16. The trade was a 2.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.02% of the company’s stock.

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.