Bellevue Group AG Sells 200,136 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Bellevue Group AG lessened its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 54.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 169,134 shares of the company's stock after selling 200,136 shares during the quarter. Bellevue Group AG owned about 0.09% of Legend Biotech worth $8,242,000 at the end of the most recent reporting period.

Several other hedge funds also recently bought and sold shares of LEGN. Point72 Europe London LLP boosted its stake in shares of Legend Biotech by 261.4% during the third quarter. Point72 Europe London LLP now owns 80,400 shares of the company's stock valued at $3,918,000 after acquiring an additional 58,155 shares during the last quarter. Vestal Point Capital LP acquired a new position in shares of Legend Biotech during the third quarter worth about $6,091,000. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in Legend Biotech by 61.8% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,268 shares of the company's stock worth $2,450,000 after acquiring an additional 19,198 shares during the period. Bridgewater Associates LP increased its stake in Legend Biotech by 0.3% during 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 during the period. Finally, Quantbot Technologies LP acquired a new stake in Legend Biotech during the 3rd quarter valued at approximately $148,000. Hedge funds and other institutional investors own 70.89% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on the stock. Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research report on Monday, August 12th. Royal Bank of Canada restated an "outperform" rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Tuesday, October 29th. HC Wainwright reaffirmed a "buy" rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, November 13th. Finally, Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech currently has an average rating of "Buy" and an average price target of $81.46.

Legend Biotech Trading Down 2.5 %

LEGN traded down $1.06 on Friday, hitting $42.07. The company had a trading volume of 460,232 shares, compared to its average volume of 1,742,144. 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's fifty day moving average price is $44.16 and its 200 day moving average price is $48.00. Legend Biotech Co. has a 1-year low of $36.92 and a 1-year high of $70.13.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company's revenue was up 66.9% on a year-over-year basis. During the same quarter last year, the firm posted ($0.17) EPS. Equities analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current year.

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).