Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by Handelsbanken Fonder AB

Handelsbanken Fonder AB lowered its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 1.2% during the first quarter, HoldingsChannel.com reports. The firm owned 49,900 shares of the company’s stock after selling 600 shares during the period. Handelsbanken Fonder AB’s holdings in Legend Biotech were worth $1,693,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Asset Management One Co. Ltd. grew its holdings in shares of Legend Biotech by 26.1% during the fourth quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock valued at $360,000 after purchasing an additional 2,297 shares during the last quarter. New York State Common Retirement Fund grew its holdings in Legend Biotech by 196.1% during the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock worth $1,929,000 after acquiring an additional 39,256 shares during the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new position in Legend Biotech in the fourth quarter valued at approximately $914,000. Empire Life Investments Inc. boosted its stake in Legend Biotech by 38.5% during the 4th quarter. Empire Life Investments Inc. now owns 136,731 shares of the company’s stock worth $4,449,000 after acquiring an additional 38,043 shares during the last quarter. Finally, JPMorgan Chase & Co. raised its holdings in shares of Legend Biotech by 176.0% in the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company’s stock valued at $32,475,000 after purchasing an additional 636,390 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Trading Down 2.8%

NASDAQ:LEGN opened at $36.83 on Friday. Legend Biotech Co. has a 52-week low of $27.34 and a 52-week high of $60.87. The stock’s 50 day moving average price is $31.96 and its 200 day moving average price is $34.43. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $6.77 billion, a PE ratio of -38.77 and a beta of 0.13.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.33. The firm had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s quarterly revenue was up 107.8% on a year-over-year basis. During the same period last year, the business posted ($0.16) EPS. On average, research analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have commented on LEGN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. HC Wainwright reiterated a “buy” rating and issued a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. Morgan Stanley lowered their price target on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Finally, Truist Financial reduced their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $76.20.

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).