Quantinno Capital Management LP Makes New Investment in Legend Biotech Corporation Sponsored ADR $LEGN

Quantinno Capital Management LP purchased a new stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 37,787 shares of the company’s stock, valued at approximately $684,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in LEGN. Parallel Advisors LLC increased its stake in shares of Legend Biotech by 171.9% in the third quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after purchasing an additional 662 shares during the period. Raymond James Financial Inc. acquired a new position in shares of Legend Biotech during the 2nd quarter worth about $78,000. Harvest Fund Management Co. Ltd bought a new stake in Legend Biotech during the 3rd quarter valued at approximately $104,000. Clearstead Advisors LLC boosted its stake in Legend Biotech by 310.7% during the 4th quarter. Clearstead Advisors LLC now owns 3,479 shares of the company’s stock valued at $76,000 after purchasing an additional 2,632 shares during the period. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Legend Biotech by 1,730.3% in the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock valued at $78,000 after buying an additional 3,374 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Up 6.2%

Legend Biotech stock opened at $21.92 on Wednesday. The business has a 50 day moving average price of $25.41 and a two-hundred day moving average price of $23.22. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $37.50. The stock has a market cap of $4.07 billion, a price-to-earnings ratio of -87.68 and a beta of 0.37.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.02. The company had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%.Legend Biotech’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.03 EPS. On average, analysts expect that Legend Biotech Corporation Sponsored ADR will post 0.01 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Legend Biotech news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction 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 in the company, valued at $3,574,868.16. The trade was a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.02% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research analysts have commented on LEGN shares. Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 price target on shares of Legend Biotech in a research report on Monday, July 27th. TD Cowen lowered their price objective on shares of Legend Biotech from $29.00 to $24.00 and set a “hold” rating on the stock in a research note on Wednesday, August 12th. Benchmark reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Tuesday, July 28th. JPMorgan Chase & Co. assumed coverage on shares of Legend Biotech in a research note on Monday, July 13th. They set a “neutral” rating and a $35.00 target price for the company. Finally, Royal Bank Of Canada cut their target price on shares of Legend Biotech from $59.00 to $58.00 and set an “outperform” rating for the company in a research note on Wednesday, August 12th. Eight equities research 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’s stock. According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Hold” and a consensus price target of $52.29.

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.