Casdin Capital LLC Invests $4.67 Million in Legend Biotech Corporation Sponsored ADR $LEGN

Casdin Capital LLC acquired a new position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 215,000 shares of the company’s stock, valued at approximately $4,674,000. Casdin Capital LLC owned approximately 0.12% of Legend Biotech at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. SG Americas Securities LLC boosted its position in Legend Biotech by 6,774.9% in the fourth quarter. SG Americas Securities LLC now owns 371,728 shares of the company’s stock valued at $8,081,000 after buying an additional 366,321 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Legend Biotech by 20.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock valued at $83,089,000 after buying an additional 425,684 shares during the period. Hudson Bay Capital Management LP increased its stake in shares of Legend Biotech by 42.4% in the third quarter. Hudson Bay Capital Management LP now owns 220,000 shares of the company’s stock valued at $7,174,000 after buying an additional 65,500 shares during the period. Triata Capital Ltd increased its stake in shares of Legend Biotech by 50.5% in the third quarter. Triata Capital Ltd now owns 161,800 shares of the company’s stock valued at $5,276,000 after buying an additional 54,300 shares during the period. Finally, Suvretta Capital Management LLC increased its stake in shares of Legend Biotech by 1.2% in the third quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock valued at $124,505,000 after buying an additional 44,000 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Weiss Ratings downgraded Legend Biotech from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Wednesday, June 3rd. HC Wainwright upped their price objective on Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. UBS Group upped their price objective on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. Royal Bank Of Canada upped their price objective on Legend Biotech from $62.00 to $64.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. Finally, Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Eleven research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and an average price target of $60.23.

Insider Buying and Selling

In related news, CEO Ying Huang sold 9,936 shares of the firm’s stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total transaction of $87,138.72. Following the completion of the sale, the chief executive officer owned 247,438 shares of the company’s stock, valued at $2,170,031.26. This trade represents a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.02% of the stock is owned by corporate insiders.

Legend Biotech Trading Up 0.4%

Shares of LEGN opened at $33.52 on Thursday. The firm’s fifty day simple moving average is $27.27 and its two-hundred day simple moving average is $22.78. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $45.30. The stock has a market capitalization of $6.23 billion, a P/E ratio of -49.29 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data 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). Legend Biotech had a negative net margin of 21.98% and a negative return on equity of 24.92%. The business had revenue of $305.10 million during the quarter, compared to analyst estimates of $306.51 million. During the same period in the prior year, the firm earned ($0.07) earnings per share. The firm’s revenue for the quarter was up 56.5% compared to the same quarter last year. As a group, research analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.05 EPS for the current fiscal 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.