Avior Wealth Management LLC Cuts Stock Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Avior Wealth Management LLC reduced its position in Legend Biotech Co. (NASDAQ:LEGN) by 7.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,216 shares of the company’s stock after selling 881 shares during the period. Avior Wealth Management LLC’s holdings in Legend Biotech were worth $332,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in LEGN. Public Sector Pension Investment Board raised its stake in shares of Legend Biotech by 1.6% in the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after purchasing an additional 400 shares during the last quarter. Bridgewater Associates LP increased its holdings in Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after buying an additional 516 shares in the last quarter. Sei Investments Co. raised its position in Legend Biotech by 1.5% in the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after buying an additional 702 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after acquiring an additional 837 shares during the period. Finally, National Pension Service boosted its holdings in shares of Legend Biotech by 4.3% during the 3rd quarter. National Pension Service now owns 23,535 shares of the company’s stock valued at $1,147,000 after acquiring an additional 961 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

Legend Biotech Trading Down 2.1 %

Legend Biotech stock opened at $36.91 on Monday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 12-month low of $30.17 and a 12-month high of $70.13. The firm has a market capitalization of $6.74 billion, a price-to-earnings ratio of -38.85 and a beta of 0.16. The firm has a 50 day moving average of $36.37 and a 200 day moving average of $45.64.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the firm earned ($0.17) EPS. The company’s revenue was up 66.9% on a year-over-year basis. As a group, research analysts predict that Legend Biotech Co. will post -1.24 earnings per share for the current year.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. HC Wainwright reissued a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a report on Tuesday, January 21st. Finally, Redburn Atlantic initiated coverage on Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech currently has a consensus rating of “Buy” and an average target price of $79.50.

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).