Tidal Investments LLC Raises Stock Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Tidal Investments LLC raised its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 34.0% during the 2nd quarter, Holdings Channel.com reports. The fund owned 240,476 shares of the company’s stock after purchasing an additional 61,023 shares during the quarter. Tidal Investments LLC’s holdings in Legend Biotech were worth $6,945,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently made changes to their positions in LEGN. Squarepoint Ops LLC raised its holdings in shares of Legend Biotech by 60.4% during the second quarter. Squarepoint Ops LLC now owns 769,252 shares of the company’s stock valued at $22,216,000 after purchasing an additional 289,772 shares during the last quarter. Nykredit A S purchased a new stake in Legend Biotech in the second quarter worth approximately $162,000. Allianz Asset Management GmbH purchased a new stake in Legend Biotech in the second quarter worth approximately $549,000. Corient Private Wealth LP bought a new stake in Legend Biotech in the 2nd quarter worth approximately $436,000. Finally, California State Teachers Retirement System grew its position in Legend Biotech by 2,750.4% in the 2nd quarter. California State Teachers Retirement System now owns 337,434 shares of the company’s stock worth $9,745,000 after purchasing an additional 325,596 shares during the period. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Insider Buying and Selling

In other news, CEO Ying Huang sold 5,566 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $14.78, for a total value of $82,265.48. Following the transaction, the chief executive officer owned 241,872 shares of the company’s stock, valued at $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.02% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on LEGN shares. Benchmark reissued a “buy” rating on shares of Legend Biotech in a report on Tuesday, July 28th. Morgan Stanley set a $65.00 price objective on Legend Biotech in a report on Friday, September 4th. 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. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a report on Tuesday, September 1st. Finally, Royal Bank Of Canada dropped their target price on Legend Biotech from $59.00 to $58.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 12th. Eight investment analysts have rated the stock with a Buy rating, six have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $53.14.

Legend Biotech Trading Down 2.9%

Shares of LEGN stock opened at $18.64 on Friday. Legend Biotech Corporation Sponsored ADR has a 12 month low of $16.24 and a 12 month high of $37.50. The stock has a market cap of $3.61 billion, a P/E ratio of -74.56 and a beta of 0.40. The company has a 50 day simple moving average of $21.75 and a two-hundred day simple moving average of $23.59.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, topping the consensus estimate of $0.07 by $0.02. The business had revenue of $387.50 million for the quarter, compared to analysts’ expectations 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 was up 51.9% compared to the same quarter last year. During the same quarter last year, the company posted $0.03 EPS. As a group, equities analysts forecast that Legend Biotech Corporation Sponsored ADR will post -0.05 earnings per share for the current year.

About Legend Biotech

Legend Biotech Corporation (NASDAQ: LEGN) is a global biotechnology company focused on developing, manufacturing and commercializing novel cell therapies for the treatment of cancer and other serious diseases. The company’s work centers primarily on chimeric antigen receptor T-cell (CAR-T) therapies designed to harness a patient’s immune system to recognize and attack cancer cells.

Legend Biotech’s lead product is CARVYKTI (ciltacabtagene autoleucel), a B-cell maturation antigen (BCMA)-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.