Korea Investment CORP reduced its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 49.5% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,490 shares of the company's stock after selling 21,100 shares during the period. Korea Investment CORP's holdings in Legend Biotech were worth $699,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. IvyRock Asset Management HK Ltd raised its holdings 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 worth $8,691,000 after purchasing an additional 260,300 shares during the last quarter. EntryPoint Capital LLC bought a new position in Legend Biotech during the fourth quarter worth $248,000. Taikang Asset Management Hong Kong Co Ltd lifted its holdings in Legend Biotech by 107.9% in the fourth quarter. Taikang Asset Management Hong Kong Co Ltd now owns 100,475 shares of the company's stock valued at $3,269,000 after buying an additional 52,145 shares during the period. Fox Run Management L.L.C. bought a new stake in Legend Biotech during the fourth quarter valued at $421,000. Finally, KLP Kapitalforvaltning AS acquired a new stake in Legend Biotech during the 4th quarter worth about $599,000. 70.89% of the stock is owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several analysts have recently commented on LEGN shares. Morgan Stanley reduced their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Piper Sandler restated an "overweight" rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $79.00.
Get Our Latest Report on LEGN
Legend Biotech Stock Performance
Shares of LEGN stock traded down $0.87 on Friday, hitting $32.01. 1,528,662 shares of the stock were exchanged, compared to its average volume of 1,210,987. The firm's 50 day moving average is $36.12 and its two-hundred day moving average is $38.89. Legend Biotech Co. has a one year low of $30.17 and a one year high of $60.87. The firm has a market capitalization of $5.88 billion, a PE ratio of -33.69 and a beta of 0.21. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same period last year, the firm earned ($0.40) EPS. Legend Biotech's revenue for the quarter was up 134.6% on a year-over-year basis. Sell-side analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.
About Legend Biotech
(
Free Report)
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).
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