Polymer Capital Management HK LTD Reduces Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Polymer Capital Management HK LTD reduced its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 31.3% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 28,727 shares of the company's stock after selling 13,100 shares during the quarter. Polymer Capital Management HK LTD's holdings in Legend Biotech were worth $935,000 as of its most recent filing with the SEC.

A number of other hedge funds have also made changes to their positions in the business. Exane Asset Management acquired a new position in shares of Legend Biotech in the 4th quarter valued at $2,284,000. Matthews International Capital Management LLC boosted its stake in Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock valued at $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Nordea Investment Management AB grew its holdings in shares of Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock worth $8,684,000 after purchasing an additional 33,024 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Legend Biotech during the third quarter worth about $12,837,000. Finally, Geode Capital Management LLC lifted its holdings in shares of Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock valued at $23,933,000 after purchasing an additional 17,337 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

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Wall Street Analysts Forecast Growth

LEGN has been the topic of a number of recent research reports. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Piper Sandler restated an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Morgan Stanley reduced their price objective on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Finally, HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Tuesday. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.00.

Legend Biotech Price Performance

Shares of NASDAQ LEGN traded up $0.72 during trading on Friday, hitting $32.00. 1,638,571 shares of the company were exchanged, compared to its average volume of 1,219,859. The firm's fifty day moving average price is $35.32 and its 200 day moving average price is $38.24. 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 market cap of $5.88 billion, a price-to-earnings ratio of -33.68 and a beta of 0.21. Legend Biotech Co. has a 1 year low of $29.27 and a 1 year high of $60.87.

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 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 for the quarter, compared to analyst estimates of $179.00 million. During the same period in the prior year, the business posted ($0.40) earnings per share. The firm's revenue for the quarter was up 134.6% compared to the same quarter last year. On average, sell-side analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

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).