Capital International Investors Sells 62,884 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Capital International Investors lessened its stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 2.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,161,504 shares of the company's stock after selling 62,884 shares during the quarter. Capital International Investors owned approximately 1.18% of Legend Biotech worth $70,335,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Invesco Ltd. lifted its position in shares of Legend Biotech by 44.7% during the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after acquiring an additional 1,022,365 shares in the last quarter. Artisan Partners Limited Partnership increased its stake in Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock valued at $48,991,000 after acquiring an additional 915,891 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Legend Biotech by 4,917.1% during the fourth quarter. Renaissance Technologies LLC now owns 908,100 shares of the company's stock worth $29,550,000 after acquiring an additional 890,000 shares in the last quarter. JPMorgan Chase & Co. increased 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 worth $32,475,000 after buying an additional 636,390 shares during the period. Finally, IvyRock Asset Management HK Ltd boosted its position in Legend Biotech by 3,827.9% during the 4th quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company's stock valued at $8,691,000 after buying an additional 260,300 shares during the period. Institutional investors own 70.89% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Piper Sandler reissued an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. HC Wainwright restated a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Morgan Stanley decreased their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Royal Bank of Canada reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a report on Tuesday. Finally, Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $78.82.

Legend Biotech Trading Down 0.2 %

Shares of LEGN traded down $0.06 during midday trading on Thursday, hitting $34.24. The stock had a trading volume of 1,144,403 shares, compared to its average volume of 1,237,118. The firm has a market cap of $6.29 billion, a PE ratio of -36.04 and a beta of 0.21. Legend Biotech Co. has a 1 year low of $29.27 and a 1 year high of $60.87. The stock's 50 day moving average is $34.88 and its 200 day moving average is $37.48. 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 (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts' consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million for the quarter, compared to analysts' expectations of $179.00 million. During the same quarter in the prior year, the firm posted ($0.40) earnings per share. The company's quarterly revenue was up 134.6% on a year-over-year basis. As a group, analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

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).