82,516 Shares in Legend Biotech Corporation Sponsored ADR $LEGN Bought by Mutual of America Capital Management LLC

Mutual of America Capital Management LLC acquired a new position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 82,516 shares of the company’s stock, valued at approximately $2,691,000.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Artisan Partners Limited Partnership boosted its holdings in shares of Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock valued at $75,319,000 after buying an additional 990,500 shares during the period. Alliancebernstein L.P. lifted its holdings in Legend Biotech by 3.5% in the second quarter. Alliancebernstein L.P. now owns 1,560,596 shares of the company’s stock worth $55,386,000 after acquiring an additional 52,344 shares during the last quarter. Matthews International Capital Management LLC boosted its stake in Legend Biotech by 17.3% in the second quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock valued at $45,890,000 after acquiring an additional 191,165 shares during the period. IvyRock Asset Management HK Ltd grew its holdings in shares of Legend Biotech by 3.1% during the second quarter. IvyRock Asset Management HK Ltd now owns 869,900 shares of the company’s stock valued at $30,873,000 after purchasing an additional 25,900 shares during the last quarter. Finally, Hsbc Holdings PLC raised its position in shares of Legend Biotech by 10.9% during the 2nd quarter. Hsbc Holdings PLC now owns 476,247 shares of the company’s stock worth $16,902,000 after purchasing an additional 46,658 shares during the period. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Performance

LEGN stock opened at $17.50 on Friday. The company has a 50-day simple moving average of $22.88 and a 200 day simple moving average of $30.53. The company has a market capitalization of $3.23 billion, a P/E ratio of -26.92 and a beta of 0.12. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $17.03 and a fifty-two week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) EPS for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.02. The company had revenue of $272.33 million for the quarter, compared to the consensus estimate of $277.91 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. Legend Biotech’s revenue was up 70.0% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.34) EPS. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Morgan Stanley lowered their price objective on Legend Biotech from $83.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, December 12th. Oppenheimer started coverage on shares of Legend Biotech in a report on Wednesday, January 7th. They set an “outperform” rating and a $75.00 price target for the company. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of Legend Biotech in a report on Tuesday, January 20th. Cantor Fitzgerald cut their price objective on shares of Legend Biotech from $75.00 to $74.00 and set an “overweight” rating on the stock in a research report on Wednesday, December 17th. Finally, Raymond James Financial restated an “outperform” rating on shares of Legend Biotech in a research report on Tuesday, January 20th. One investment analyst has rated the stock with a Strong Buy rating, eleven have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and an average target price of $58.50.

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.