Westfield Capital Management Co. LP Lowers Stock Position in Legend Biotech Corporation Sponsored ADR $LEGN

Westfield Capital Management Co. LP trimmed its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 5.8% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 6,094,486 shares of the company’s stock after selling 378,061 shares during the period. Legend Biotech comprises 0.8% of Westfield Capital Management Co. LP’s investment portfolio, making the stock its 25th biggest holding. Westfield Capital Management Co. LP owned approximately 3.30% of Legend Biotech worth $198,741,000 as of its most recent filing with the SEC.

Several other large investors have also recently made changes to their positions in LEGN. Clearstead Advisors LLC increased its holdings in Legend Biotech by 76.5% in the 3rd quarter. Clearstead Advisors LLC now owns 847 shares of the company’s stock valued at $28,000 after purchasing an additional 367 shares during the last quarter. OFI Invest Asset Management lifted its stake in Legend Biotech by 102.6% during the third quarter. OFI Invest Asset Management now owns 1,228 shares of the company’s stock worth $40,000 after purchasing an additional 622 shares in the last quarter. Hantz Financial Services Inc. lifted its stake in Legend Biotech by 913.0% during the second quarter. Hantz Financial Services Inc. now owns 2,097 shares of the company’s stock worth $74,000 after purchasing an additional 1,890 shares in the last quarter. Raymond James Financial Inc. purchased a new position in shares of Legend Biotech during the second quarter worth $78,000. Finally, Shell Asset Management Co. grew its stake in shares of Legend Biotech by 144.5% in the third quarter. Shell Asset Management Co. now owns 5,171 shares of the company’s stock valued at $169,000 after buying an additional 3,056 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Stock Up 1.1%

LEGN stock opened at $19.72 on Thursday. The company’s 50 day moving average price is $20.16 and its 200 day moving average price is $27.67. The firm has a market capitalization of $3.64 billion, a price-to-earnings ratio of -30.34 and a beta of 0.10. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $16.24 and a fifty-two week high of $45.30. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.80 and a current ratio of 2.86.

Analysts Set New Price Targets

A number of brokerages recently commented on LEGN. Rothschild & Co Redburn cut Legend Biotech from a “buy” rating to a “neutral” rating and set a $24.00 target price for the company. in a report on Thursday, February 12th. TD Cowen reiterated a “hold” rating and set a $21.00 price target (down from $62.00) on shares of Legend Biotech in a research note on Thursday, January 22nd. Truist Financial lowered shares of Legend Biotech from a “strong-buy” rating to a “hold” rating in a research note on Monday. HC Wainwright dropped their price objective on shares of Legend Biotech from $60.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, January 22nd. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $66.00 target price on shares of Legend Biotech in a research note on Tuesday, January 20th. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and a consensus price target of $55.08.

Legend Biotech Profile

Legend Biotech (NASDAQ: LEGN) is a commercial-stage biopharmaceutical company specializing in the development and commercialization of chimeric antigen receptor T-cell (CAR-T) therapies for oncology. Headquartered in Somerset, New Jersey, with research and development operations in Shanghai, the company leverages a global infrastructure to advance innovative cellular therapies. Legend Biotech pursues a strategy of strategic collaboration to extend its reach, most notably through its partnership with Janssen Biotech, a subsidiary of Johnson & Johnson.

The company’s lead asset, ciltacabtagene autoleucel (commercially marketed as Carvykti), is a B-cell maturation antigen (BCMA)–directed CAR-T therapy for the treatment of relapsed or refractory multiple myeloma.