SG Americas Securities LLC Raises Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

SG Americas Securities LLC raised its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 44.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 535,658 shares of the company’s stock after purchasing an additional 163,930 shares during the period. SG Americas Securities LLC’s holdings in Legend Biotech were worth $9,690,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of LEGN. Clearstead Advisors LLC increased its stake in shares of Legend Biotech by 76.5% during the third quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock worth $28,000 after buying an additional 367 shares during the period. Parallel Advisors LLC lifted its stake in 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 acquiring an additional 662 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Legend Biotech in the second quarter worth approximately $78,000. Harvest Fund Management Co. Ltd acquired a new position in Legend Biotech during the 3rd quarter worth approximately $104,000. Finally, Caitong International Asset Management Co. Ltd grew its holdings in Legend Biotech by 1,730.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 3,569 shares of the company’s stock worth $78,000 after acquiring an additional 3,374 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on LEGN. Weiss Ratings upgraded shares of Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Wednesday. Truist Financial downgraded shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. UBS Group raised their price target on Legend Biotech from $31.00 to $49.00 and gave the company a “buy” rating in a research note on Wednesday, June 3rd. HC Wainwright lifted their price target on Legend Biotech from $50.00 to $65.00 and gave the stock a “buy” rating in a report on Wednesday, June 3rd. Finally, TD Cowen lifted their price target on Legend Biotech to $29.00 and gave the stock a “hold” rating in a report on Wednesday, May 13th. Eleven equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $60.23.

Legend Biotech Trading Up 0.9%

LEGN stock opened at $28.69 on Friday. Legend Biotech Corporation Sponsored ADR has a twelve month low of $16.24 and a twelve month high of $45.30. The company’s 50 day moving average is $28.70 and its two-hundred day moving average is $22.87. The stock has a market cap of $5.33 billion, a P/E ratio of -42.19 and a beta of 0.35.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data 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 company had revenue of $305.10 million for the quarter, compared to analysts’ expectations of $306.51 million. During the same quarter in the prior year, the firm posted ($0.07) EPS. The firm’s quarterly revenue was up 56.5% compared to the same quarter last year. On average, equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share for the current year.

Legend Biotech 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.