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 4th quarter, HoldingsChannel reports. The fund acquired 215,000 shares of the company’s stock, valued at approximately $4,674,000.

Several other large investors also recently modified their holdings of the stock. Balyasny Asset Management L.P. grew its position in shares of Legend Biotech by 877.6% during the 4th quarter. Balyasny Asset Management L.P. now owns 343,785 shares of the company’s stock worth $7,474,000 after buying an additional 308,618 shares during the period. Boothbay Fund Management LLC acquired a new stake in shares of Legend Biotech during the 4th quarter worth approximately $1,431,000. Guggenheim Capital LLC grew its position in shares of Legend Biotech by 24.4% during the 4th quarter. Guggenheim Capital LLC now owns 44,107 shares of the company’s stock worth $959,000 after buying an additional 8,649 shares during the period. Caisse de depot et placement du Quebec grew its position in shares of Legend Biotech by 17.0% during the 4th quarter. Caisse de depot et placement du Quebec now owns 30,778 shares of the company’s stock worth $669,000 after buying an additional 4,478 shares during the period. Finally, Jump Financial LLC grew its position in shares of Legend Biotech by 29.9% during the 4th quarter. Jump Financial LLC now owns 523,632 shares of the company’s stock worth $11,384,000 after buying an additional 120,421 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

LEGN has been the subject of several research reports. HC Wainwright lifted their price target on shares of Legend Biotech from $50.00 to $65.00 and gave the company a “buy” rating in a research report on Wednesday, June 3rd. Raymond James Financial reissued an “outperform” rating on shares of Legend Biotech in a research report on Monday, February 23rd. Morgan Stanley reduced their price target on shares of Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research report on Wednesday, May 13th. TD Cowen lifted their price target on shares of Legend Biotech to $29.00 and gave the company a “hold” rating in a research report on Wednesday, May 13th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $69.00 price target on shares of Legend Biotech in a research report on Tuesday, March 10th. Eleven analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $60.23.

Insiders Place Their Bets

In other news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction 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 sale, the chief executive officer directly owned 247,438 shares in the company, valued at $2,170,031.26. The trade was a 3.86% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Company insiders own 0.02% of the company’s stock.

Legend Biotech Trading Up 0.4%

Shares of NASDAQ:LEGN opened at $33.52 on Thursday. The stock’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 1-year low of $16.24 and a 1-year high of $45.30. The stock has a market cap of $6.23 billion, a PE ratio of -49.29 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 net margin of 21.98% and a negative return on equity of 24.92%. The company had revenue of $305.10 million for the quarter, compared to the consensus estimate of $306.51 million. During the same quarter last year, the business posted ($0.07) earnings per share. Legend Biotech’s revenue was up 56.5% on a year-over-year basis. On average, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post 0.05 earnings per share 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.