Squarepoint Ops LLC raised its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN – Free Report) by 60.4% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 769,252 shares of the company’s stock after purchasing an additional 289,772 shares during the quarter. Squarepoint Ops LLC’s holdings in Legend Biotech were worth $22,216,000 at the end of the most recent quarter.
A number of other hedge funds have also recently modified their holdings of LEGN. Nykredit A S bought a new stake in shares of Legend Biotech during the 2nd quarter worth approximately $162,000. Allianz Asset Management GmbH bought a new stake in shares of Legend Biotech during the second quarter worth $549,000. Corient Private Wealth LP bought a new stake in shares of Legend Biotech during the second quarter worth $436,000. California State Teachers Retirement System boosted its stake in shares of Legend Biotech by 2,750.4% during the second quarter. California State Teachers Retirement System now owns 337,434 shares of the company’s stock valued at $9,745,000 after purchasing an additional 325,596 shares during the period. Finally, Wellington Management Group LLP purchased a new stake in shares of Legend Biotech during the second quarter valued at $2,369,000. Institutional investors own 70.89% of the company’s stock.
Legend Biotech Stock Performance
Shares of LEGN stock opened at $20.49 on Wednesday. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $37.50. The firm has a market capitalization of $3.97 billion, a price-to-earnings ratio of -81.96 and a beta of 0.40. The stock’s 50-day simple moving average is $22.39 and its 200-day simple moving average is $23.61.
Analyst Upgrades and Downgrades
A number of equities research analysts recently weighed in on LEGN shares. JPMorgan Chase & Co. began coverage on shares of Legend Biotech in a report on Monday, July 13th. They set a “neutral” rating and a $35.00 price objective for the company. Raymond James Financial reaffirmed an “outperform” rating and set a $58.00 target price on shares of Legend Biotech in a research report on Monday, July 27th. Barclays lowered their price target on Legend Biotech from $80.00 to $78.00 and set an “overweight” rating for the company in a report on Wednesday, August 12th. Weiss Ratings raised Legend Biotech from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Tuesday, September 1st. Finally, UBS Group restated a “neutral” rating and set a $28.00 price objective (down from $49.00) on shares of Legend Biotech in a report on Monday, July 27th. 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 stock. Based on data from MarketBeat, Legend Biotech has a consensus rating of “Hold” and an average price target of $53.43.
View Our Latest Analysis on LEGN
Insider Buying and Selling at Legend Biotech
In related news, CEO Ying Huang sold 5,566 shares of Legend Biotech stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $14.78, for a total transaction of $82,265.48. Following the completion of the transaction, the chief executive officer directly owned 241,872 shares in the company, valued at approximately $3,574,868.16. This trade represents a 2.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.02% of the company’s stock.
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.
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