Legend Biotech Corporation Sponsored ADR $LEGN Shares Purchased by Matthews International Capital Management LLC

Matthews International Capital Management LLC grew its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 17.3% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,293,052 shares of the company’s stock after acquiring an additional 191,165 shares during the period. Legend Biotech accounts for 10.6% of Matthews International Capital Management LLC’s holdings, making the stock its 3rd largest position. Matthews International Capital Management LLC’s holdings in Legend Biotech were worth $45,890,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. GAMMA Investing LLC increased its holdings in shares of Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after purchasing an additional 765 shares during the period. Quarry LP bought a new position in shares of Legend Biotech during the first quarter worth approximately $48,000. Brooklyn Investment Group increased its holdings in shares of Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after purchasing an additional 1,583 shares during the period. GF Fund Management CO. LTD. increased its holdings in shares of Legend Biotech by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock worth $71,000 after purchasing an additional 377 shares during the period. Finally, Allostery Investments LP bought a new position in shares of Legend Biotech during the first quarter worth approximately $161,000. 70.89% of the stock is owned by institutional investors.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN opened at $32.06 on Friday. The company’s 50 day simple moving average is $35.50 and its 200 day simple moving average is $34.63. The stock has a market capitalization of $5.92 billion, a price-to-earnings ratio of -36.43 and a beta of 0.23. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech Corporation Sponsored ADR has a 1 year low of $27.34 and a 1 year high of $51.77.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The company had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. During the same quarter in the prior year, the business earned ($0.05) EPS. The business’s quarterly revenue was up 36.8% on a year-over-year basis. As a group, research analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several research analysts have recently commented on LEGN shares. Johnson Rice reaffirmed a “buy” rating on shares of Legend Biotech in a report on Thursday, July 17th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $66.00 target price on shares of Legend Biotech in a report on Wednesday, August 27th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $77.00 target price (up from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Legend Biotech in a report on Saturday, September 27th. Finally, HC Wainwright reissued a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. Ten investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $74.22.

Legend Biotech Profile

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).