Braidwell LP Sells 128,169 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Braidwell LP trimmed its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 7.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,541,551 shares of the company's stock after selling 128,169 shares during the period. Legend Biotech comprises approximately 2.1% of Braidwell LP's investment portfolio, making the stock its 15th biggest position. Braidwell LP owned approximately 0.85% of Legend Biotech worth $75,120,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. FMR LLC raised its position in shares of Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company's stock worth $893,232,000 after purchasing an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA increased its stake in Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company's stock worth $110,868,000 after purchasing an additional 314,449 shares in the last quarter. Point72 Asset Management L.P. acquired a new stake in Legend Biotech during the 2nd quarter worth about $13,487,000. Westfield Capital Management Co. LP lifted its stake in Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after buying an additional 266,296 shares in the last quarter. Finally, Magnetar Financial LLC acquired a new position in shares of Legend Biotech in the second quarter worth about $11,146,000. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Stock Down 2.5 %

NASDAQ:LEGN traded down $1.06 during mid-day trading on Friday, reaching $42.07. The stock had a trading volume of 460,232 shares, compared to its average volume of 1,118,772. The stock has a market cap of $7.72 billion, a P/E ratio of -44.28 and a beta of 0.11. The business's 50 day moving average is $44.16 and its 200 day moving average is $48.00. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. Legend Biotech Co. has a fifty-two week low of $36.92 and a fifty-two week high of $70.13.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping 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 company had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the prior year, the business posted ($0.17) EPS. Legend Biotech's quarterly revenue was up 66.9% on a year-over-year basis. As a group, sell-side analysts predict that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Analysts Set New Price Targets

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

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).