Wellington Management Group LLP Sells 772,998 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Wellington Management Group LLP trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 27.5% in the third quarter, according to the company in its most recent filing with the SEC. The fund owned 2,036,370 shares of the company's stock after selling 772,998 shares during the quarter. Wellington Management Group LLP owned 1.12% of Legend Biotech worth $99,232,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in LEGN. Blue Trust Inc. boosted its holdings in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company's stock valued at $36,000 after acquiring an additional 806 shares during the period. AM Squared Ltd bought a new stake in Legend Biotech in the second quarter valued at approximately $71,000. Quantbot Technologies LP purchased a new stake in shares of Legend Biotech during the third quarter valued at approximately $148,000. California State Teachers Retirement System boosted its stake in shares of Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company's stock valued at $188,000 after purchasing an additional 2,216 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Legend Biotech in the third quarter worth approximately $212,000. 70.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the stock. Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research report on Monday, August 12th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They set a "buy" rating and a $86.00 target price for the company. Cantor Fitzgerald reissued an "overweight" rating and issued a $83.00 target price on shares of Legend Biotech in a research note on Monday. HC Wainwright reaffirmed a "buy" rating and set a $73.00 price target on shares of Legend Biotech in a research report on Tuesday. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of "Buy" and an average price target of $81.54.

Legend Biotech Stock Down 9.0 %

Shares of LEGN stock traded down $3.73 during mid-day trading on Tuesday, reaching $37.90. 2,312,725 shares of the company's stock traded hands, compared to its average volume of 1,124,300. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company's 50-day moving average price is $43.65 and its 200-day moving average price is $47.96. The company has a market cap of $6.95 billion, a P/E ratio of -40.97 and a beta of 0.08. Legend Biotech Co. has a 12 month low of $36.92 and a 12 month high of $70.13.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the company earned ($0.17) earnings per share. The company's revenue was up 66.9% on a year-over-year basis. On average, equities analysts expect that Legend Biotech Co. will post -1.23 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).