Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by Polar Capital Holdings Plc

Polar Capital Holdings Plc trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 23.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 381,873 shares of the company’s stock after selling 114,365 shares during the period. Polar Capital Holdings Plc owned 0.21% of Legend Biotech worth $12,426,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Exane Asset Management acquired a new stake in Legend Biotech in the 4th quarter worth about $2,284,000. Matthews International Capital Management LLC boosted its stake in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after buying an additional 153,665 shares during the last quarter. Asset Management One Co. Ltd. boosted its stake in Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock worth $360,000 after buying an additional 2,297 shares during the last quarter. New York State Common Retirement Fund boosted its stake in Legend Biotech by 196.1% in the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock worth $1,929,000 after buying an additional 39,256 shares during the last quarter. Finally, Blue Trust Inc. boosted its stake in Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after buying an additional 5,478 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Performance

Shares of NASDAQ:LEGN opened at $27.69 on Friday. The company has a market cap of $5.09 billion, a P/E ratio of -29.15 and a beta of 0.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a one year low of $27.43 and a one year high of $60.87. The business’s 50-day simple moving average is $33.66 and its 200 day simple moving average is $35.97.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. On average, sell-side analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on LEGN. Cantor Fitzgerald reissued an “overweight” rating and issued a $55.00 price target on shares of Legend Biotech in a research note on Wednesday. HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. Morgan Stanley cut their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Royal Bank of Canada restated an “outperform” rating and issued a $84.00 price objective on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Guggenheim restated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $74.73.

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).