Federated Hermes Inc. Sells 49,400 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Federated Hermes Inc. cut its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 3.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,490,300 shares of the company's stock after selling 49,400 shares during the period. Federated Hermes Inc. owned about 0.82% of Legend Biotech worth $48,494,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of the business. State Street Corp lifted its position in shares of Legend Biotech by 0.4% during the 3rd quarter. State Street Corp now owns 1,140,222 shares of the company's stock worth $55,563,000 after buying an additional 4,735 shares during the last quarter. Y Intercept Hong Kong Ltd bought a new position in shares of Legend Biotech in the third quarter worth about $458,000. Groupama Asset Managment boosted its stake in shares of Legend Biotech by 20.2% in the 3rd quarter. Groupama Asset Managment now owns 27,374 shares of the company's stock valued at $1,329,000 after purchasing an additional 4,592 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in shares of Legend Biotech during the 3rd quarter valued at approximately $229,000. Finally, Geode Capital Management LLC increased its position in Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock worth $23,933,000 after purchasing an additional 17,337 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Trading Up 2.3 %

Shares of Legend Biotech stock traded up $0.72 on Friday, hitting $32.00. 1,638,571 shares of the company's stock traded hands, compared to its average volume of 1,222,632. The company has a market capitalization of $5.88 billion, a price-to-earnings ratio of -33.68 and a beta of 0.21. Legend Biotech Co. has a one year low of $29.27 and a one year high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a fifty day moving average of $35.32 and a two-hundred day moving average of $38.18.

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Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping analysts' consensus estimates of ($0.39) by $0.46. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech's revenue for the quarter was up 134.6% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.40) earnings per share. As a group, sell-side analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts have weighed in on the stock. HC Wainwright restated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research report on Tuesday, April 8th. Piper Sandler reissued an "overweight" rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Finally, Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research note 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. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $79.00.

Legend Biotech Company 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).