Sei Investments Co. Raises Stake in Legend Biotech Corporation Sponsored ADR $LEGN

Sei Investments Co. boosted its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 215.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 324,921 shares of the company’s stock after buying an additional 221,899 shares during the quarter. Sei Investments Co.’s holdings in Legend Biotech were worth $5,878,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Y Intercept Hong Kong Ltd purchased a new stake in shares of Legend Biotech in the 1st quarter valued at $4,039,000. Eagle Health Investments LP purchased a new position in shares of Legend Biotech during the fourth quarter worth $8,884,000. Casdin Capital LLC acquired a new position in Legend Biotech during the fourth quarter valued at $4,674,000. Candriam S.C.A. lifted its position in Legend Biotech by 79.6% during the first quarter. Candriam S.C.A. now owns 470,292 shares of the company’s stock valued at $8,508,000 after purchasing an additional 208,477 shares during the period. Finally, Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 1.2% in the fourth quarter. Westfield Capital Management Co. LP now owns 6,164,677 shares of the company’s stock valued at $134,020,000 after purchasing an additional 70,191 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the business’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 completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.02% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have recently commented on LEGN shares. TD Cowen upped their target price on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Royal Bank Of Canada reduced their price target on Legend Biotech from $63.00 to $59.00 and set an “outperform” rating for the company in a research report on Monday, July 27th. Raymond James Financial reissued an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a report on Monday, July 27th. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Thursday, July 30th. Finally, Morgan Stanley dropped their price objective on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating on the stock in a research note on Wednesday, May 13th. Nine research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.29.

Legend Biotech Trading Up 0.6%

Shares of LEGN opened at $19.13 on Wednesday. The firm has a market cap of $3.55 billion, a P/E ratio of -28.13 and a beta of 0.37. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $39.16. The stock’s 50 day moving average is $27.57 and its two-hundred day moving average is $23.21.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results 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 for the quarter, compared to analyst estimates of $306.51 million. During the same period in the previous year, the company earned ($0.07) earnings per share. The company’s quarterly revenue was up 56.5% compared to the same quarter last year. Equities research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.01 EPS for the current year.

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.