Wellington Management Group LLP Acquires New Position in Legend Biotech Corporation Sponsored ADR $LEGN

Wellington Management Group LLP acquired a new stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 82,015 shares of the company’s stock, valued at approximately $2,369,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. The Manufacturers Life Insurance Company boosted its holdings in shares of Legend Biotech by 5.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 10,393 shares of the company’s stock valued at $188,000 after purchasing an additional 570 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Legend Biotech by 4.4% during the 4th quarter. Invesco Ltd. now owns 13,710 shares of the company’s stock worth $298,000 after buying an additional 581 shares in the last quarter. Resona Asset Management Co. Ltd. raised its holdings in shares of Legend Biotech by 3.1% during the 1st quarter. Resona Asset Management Co. Ltd. now owns 20,386 shares of the company’s stock worth $366,000 after buying an additional 607 shares in the last quarter. Parallel Advisors LLC lifted its position in shares of Legend Biotech by 171.9% during the 3rd quarter. Parallel Advisors LLC now owns 1,047 shares of the company’s stock worth $34,000 after buying an additional 662 shares during the last quarter. Finally, Fox Run Management L.L.C. lifted its position in shares of Legend Biotech by 4.3% during the 4th quarter. Fox Run Management L.L.C. now owns 20,806 shares of the company’s stock worth $452,000 after buying an additional 863 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

LEGN has been the topic of a number of recent analyst reports. Raymond James Financial reiterated an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a research report on Monday, July 27th. Oppenheimer cut shares of Legend Biotech from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $75.00 to $40.00 in a report on Wednesday, August 12th. Morgan Stanley set a $65.00 price target on shares of Legend Biotech in a research note on Friday, September 4th. Royal Bank Of Canada decreased their price target on shares of Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a report on Wednesday, August 12th. Finally, HC Wainwright reiterated a “buy” rating and set a $65.00 price objective on shares of Legend Biotech in a research report on Friday, September 4th. Eight investment analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $53.43.

Insider Buying and Selling at Legend Biotech

In related news, CEO Ying Huang sold 5,566 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the completion of the sale, the chief executive officer directly owned 241,872 shares in the company, valued at $3,574,868.16. This represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.02% of the stock is currently owned by corporate insiders.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $19.19 on Friday. The firm’s 50 day simple moving average is $21.98 and its 200 day simple moving average is $23.63. Legend Biotech Corporation Sponsored ADR has a one year low of $16.24 and a one year high of $37.50. The company has a market cap of $3.72 billion, a PE ratio of -76.76 and a beta of 0.40.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping analysts’ consensus estimates of $0.07 by $0.02. The firm had revenue of $387.50 million for the quarter, compared to analyst estimates of $355.96 million. Legend Biotech had a negative net margin of 7.21% and a negative return on equity of 8.71%. The company’s revenue for the quarter was up 51.9% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.03 EPS. Equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post -0.05 EPS for the current year.

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.