IvyRock Asset Management HK Ltd Buys 25,900 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

IvyRock Asset Management HK Ltd boosted its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 3.1% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 869,900 shares of the company’s stock after buying an additional 25,900 shares during the quarter. Legend Biotech makes up about 14.2% of IvyRock Asset Management HK Ltd’s holdings, making the stock its 3rd biggest position. IvyRock Asset Management HK Ltd’s holdings in Legend Biotech were worth $30,873,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also modified their holdings of the stock. Harbor Capital Advisors Inc. boosted its position in Legend Biotech by 26.6% during the second quarter. Harbor Capital Advisors Inc. now owns 50,056 shares of the company’s stock valued at $1,776,000 after purchasing an additional 10,519 shares during the last quarter. Vontobel Holding Ltd. acquired a new position in Legend Biotech in the 2nd quarter worth about $382,000. Voya Investment Management LLC purchased a new stake in shares of Legend Biotech during the 1st quarter worth about $537,000. Advisors Asset Management Inc. lifted its holdings in shares of Legend Biotech by 193.5% during the 1st quarter. Advisors Asset Management Inc. now owns 19,825 shares of the company’s stock valued at $673,000 after buying an additional 13,070 shares during the last quarter. Finally, Alliancebernstein L.P. grew its stake in shares of Legend Biotech by 2.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company’s stock valued at $51,175,000 after buying an additional 32,101 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $28.00 on Thursday. The firm has a market capitalization of $5.17 billion, a PE ratio of -43.08 and a beta of 0.17. Legend Biotech Corporation Sponsored ADR has a 1 year low of $27.34 and a 1 year high of $45.30. The company has a current ratio of 2.86, a quick ratio of 2.80 and a debt-to-equity ratio of 0.17. The firm’s fifty day simple moving average is $32.34 and its 200 day simple moving average is $34.22.

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

Analyst Ratings Changes

LEGN has been the subject of a number of analyst reports. Royal Bank Of Canada reduced their target price on shares of Legend Biotech from $75.00 to $74.00 and set an “outperform” rating for the company in a research note on Thursday, November 13th. Johnson Rice set a $60.00 price target on shares of Legend Biotech in a report on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Legend Biotech in a report on Wednesday, October 8th. JPMorgan Chase & Co. lowered their target price on shares of Legend Biotech from $78.00 to $76.00 and set an “overweight” rating on the stock in a research report on Thursday, October 9th. Finally, HC Wainwright reduced their price target on Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a research report on Friday, October 17th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $72.10.

About Legend Biotech

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).