E Fund Management Hong Kong Co. Ltd. Sells 3,796 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

E Fund Management Hong Kong Co. Ltd. trimmed its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 12.7% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,132 shares of the company’s stock after selling 3,796 shares during the period. Legend Biotech comprises about 0.9% of E Fund Management Hong Kong Co. Ltd.’s portfolio, making the stock its 14th largest position. E Fund Management Hong Kong Co. Ltd.’s holdings in Legend Biotech were worth $927,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after acquiring an additional 765 shares in the last quarter. Quarry LP purchased a new stake in shares of Legend Biotech during the first quarter valued at about $48,000. Brooklyn Investment Group lifted its position in shares of Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after buying an additional 1,583 shares during the last quarter. GF Fund Management CO. LTD. lifted its position in shares of Legend Biotech by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock valued at $71,000 after buying an additional 377 shares during the last quarter. Finally, Allostery Investments LP purchased a new stake in shares of Legend Biotech during the first quarter valued at about $161,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $32.21 on Thursday. The firm has a market capitalization of $5.94 billion, a P/E ratio of -36.60 and a beta of 0.23. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. The company has a 50 day moving average price of $34.94 and a 200 day moving average price of $34.51. Legend Biotech Corporation Sponsored ADR has a 52 week low of $27.34 and a 52 week high of $51.77.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The company had revenue of $255.06 million during the quarter, compared to analysts’ expectations of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The business’s revenue for the quarter was up 36.8% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.05) earnings per share. Sell-side analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Analysts Set New Price Targets

Several analysts have commented on LEGN shares. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a research report on Thursday, July 17th. JPMorgan Chase & Co. increased their price target on shares of Legend Biotech from $77.00 to $78.00 and gave the company an “overweight” rating in a research report on Monday, August 25th. Morgan Stanley increased their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, August 12th. Johnson Rice reissued a “buy” rating on shares of Legend Biotech in a research report on Thursday, July 17th. Finally, UBS Group set a $54.00 price target on shares of Legend Biotech and gave the company a “buy” rating in a research report on Wednesday, July 2nd. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $69.50.

Legend Biotech 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).