UBS Group AG trimmed its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN – Free Report) by 77.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 224,612 shares of the company’s stock after selling 786,247 shares during the quarter. UBS Group AG’s holdings in Legend Biotech were worth $4,883,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also modified their holdings of LEGN. Suvretta Capital Management LLC grew its stake in Legend Biotech by 1.2% in the third quarter. Suvretta Capital Management LLC now owns 3,818,009 shares of the company’s stock worth $124,505,000 after purchasing an additional 44,000 shares in the last quarter. Artisan Partners Limited Partnership grew its stake in Legend Biotech by 20.1% in the third quarter. Artisan Partners Limited Partnership now owns 2,547,952 shares of the company’s stock worth $83,089,000 after purchasing an additional 425,684 shares in the last quarter. Alliancebernstein L.P. grew its stake in Legend Biotech by 4.6% in the third quarter. Alliancebernstein L.P. now owns 1,632,967 shares of the company’s stock worth $53,251,000 after purchasing an additional 72,371 shares in the last quarter. Millennium Management LLC grew its stake in Legend Biotech by 5.0% in the third quarter. Millennium Management LLC now owns 792,485 shares of the company’s stock worth $25,843,000 after purchasing an additional 37,638 shares in the last quarter. Finally, Canada Pension Plan Investment Board acquired a new position in Legend Biotech in the second quarter worth about $15,790,000. 70.89% of the stock is owned by hedge funds and other institutional investors.
Legend Biotech Stock Down 0.5%
Shares of LEGN stock opened at $27.99 on Friday. The business has a 50 day moving average of $21.98 and a two-hundred day moving average of $22.49. Legend Biotech Corporation Sponsored ADR has a 52 week low of $16.24 and a 52 week high of $45.30. The company has a market cap of $5.18 billion, a P/E ratio of -41.16 and a beta of 0.29.
Insider Buying and Selling
In other Legend Biotech news, CEO Ying Huang sold 9,936 shares of Legend Biotech stock in a transaction that occurred on Wednesday, March 25th. The stock was sold at an average price of $8.77, for a total value of $87,138.72. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.02% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of research firms recently commented on LEGN. TD Cowen lifted their price target on Legend Biotech to $29.00 and gave the stock a “hold” rating in a research note on Wednesday, May 13th. Royal Bank Of Canada lifted their price target on Legend Biotech from $62.00 to $64.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Truist Financial downgraded Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Friday, March 20th. Weiss Ratings upgraded Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Wednesday. Finally, Morgan Stanley decreased their price target on Legend Biotech from $49.00 to $48.00 and set an “overweight” rating for the company in a research note on Wednesday, May 13th. Eleven analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $59.00.
Check Out Our Latest Research Report on Legend Biotech
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.
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