Point72 Asset Management L.P. Lowers Position in Legend Biotech Co. (NASDAQ:LEGN)

Point72 Asset Management L.P. trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 35.8% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 195,371 shares of the company's stock after selling 109,149 shares during the period. Point72 Asset Management L.P. owned 0.11% of Legend Biotech worth $9,520,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also bought and sold shares of LEGN. Avior Wealth Management LLC boosted its position in shares of Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company's stock valued at $541,000 after acquiring an additional 323 shares during the last quarter. Public Sector Pension Investment Board raised its position in Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company's stock valued at $1,093,000 after purchasing an additional 400 shares in the last quarter. Bridgewater Associates LP raised its stake in Legend Biotech by 0.3% in the third quarter. Bridgewater Associates LP now owns 165,975 shares of the company's stock valued at $8,088,000 after buying an additional 516 shares in the last quarter. Sei Investments Co. boosted its holdings in shares of Legend Biotech by 1.5% in the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company's stock valued at $2,059,000 after buying an additional 702 shares in the last quarter. Finally, Vanguard Group Inc. increased its position in shares of Legend Biotech by 0.6% during the first quarter. Vanguard Group Inc. now owns 129,359 shares of the company's stock worth $7,256,000 after purchasing an additional 738 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Legend Biotech Price Performance

Shares of LEGN traded down $0.12 during trading hours on Friday, reaching $41.54. 1,318,303 shares of the company traded hands, compared to its average volume of 1,497,611. The stock has a market capitalization of $7.62 billion, a PE ratio of -43.73 and a beta of 0.08. The stock has a fifty day simple moving average of $43.80 and a 200 day simple moving average of $47.94. 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 quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company's quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.17) earnings per share. As a group, research analysts predict that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

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).