Polar Asset Management Partners Inc. Cuts Position in Legend Biotech Co. (NASDAQ:LEGN)

Polar Asset Management Partners Inc. lessened its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 93.7% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 14,859 shares of the company's stock after selling 220,200 shares during the period. Polar Asset Management Partners Inc.'s holdings in Legend Biotech were worth $724,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of LEGN. Polymer Capital Management HK LTD increased its position in Legend Biotech by 39.4% during the third quarter. Polymer Capital Management HK LTD now owns 41,827 shares of the company's stock valued at $2,038,000 after acquiring an additional 11,827 shares during the last quarter. Harvest Management LLC purchased a new stake in Legend Biotech in the third quarter worth about $526,000. Point72 Europe London LLP lifted its stake in Legend Biotech by 261.4% in the third quarter. Point72 Europe London LLP now owns 80,400 shares of the company's stock worth $3,918,000 after acquiring an additional 58,155 shares during the period. Vestal Point Capital LP purchased a new stake in shares of Legend Biotech during the third quarter valued at about $6,091,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Legend Biotech by 61.8% during the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 50,268 shares of the company's stock valued at $2,450,000 after buying an additional 19,198 shares during the last quarter. Institutional investors own 70.89% of the company's stock.

Legend Biotech Price Performance

LEGN traded down $0.12 on Friday, hitting $41.54. 1,318,303 shares of the company's stock were exchanged, compared to its average volume of 1,497,611. Legend Biotech Co. has a fifty-two week low of $36.92 and a fifty-two week high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $43.80 and a 200-day moving average price of $47.87. The stock has a market cap of $7.62 billion, a price-to-earnings ratio of -43.73 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates 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 analysts' expectations of $143.91 million. During the same quarter in the prior year, the company posted ($0.17) earnings per share. Legend Biotech's revenue for the quarter was up 66.9% compared to the same quarter last year. As a group, equities analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on LEGN. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price objective for the company. HC Wainwright reissued a "buy" rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, November 13th. Royal Bank of Canada reissued an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Finally, Scotiabank raised their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a "sector outperform" rating in a research report on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $81.46.

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).