TimesSquare Capital Management LLC Trims Stake in Legend Biotech Co. (NASDAQ:LEGN)

TimesSquare Capital Management LLC decreased its position in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 99.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,912 shares of the company's stock after selling 1,156,518 shares during the period. TimesSquare Capital Management LLC's holdings in Legend Biotech were worth $95,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in the company. SG Americas Securities LLC bought a new stake in shares of Legend Biotech in the third quarter worth about $212,000. abrdn plc grew its stake in shares of Legend Biotech by 110.4% in the third quarter. abrdn plc now owns 33,729 shares of the company's stock worth $1,628,000 after purchasing an additional 17,696 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Legend Biotech by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,711 shares of the company's stock worth $766,000 after purchasing an additional 6,114 shares during the last quarter. Empire Life Investments Inc. grew its stake in shares of Legend Biotech by 75.2% in the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company's stock worth $4,809,000 after purchasing an additional 42,368 shares during the last quarter. Finally, National Pension Service grew its stake in shares of Legend Biotech by 4.3% in the third quarter. National Pension Service now owns 23,535 shares of the company's stock worth $1,147,000 after purchasing an additional 961 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Up 2.3 %

Legend Biotech stock traded up $0.89 during midday trading on Friday, reaching $39.81. The stock had a trading volume of 708,939 shares, compared to its average volume of 1,217,012. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 52-week low of $30.17 and a 52-week high of $70.13. The firm has a market cap of $7.27 billion, a price-to-earnings ratio of -41.81 and a beta of 0.18. The company has a fifty day moving average of $34.89 and a 200 day moving average of $43.20.

Wall Street Analyst Weigh In

Several research firms have weighed in on LEGN. Piper Sandler reaffirmed an "overweight" rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reaffirmed a "buy" rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, January 21st. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has an average rating of "Buy" and a consensus target price of $79.50.

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).