Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by LMR Partners LLP

LMR Partners LLP decreased its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 46.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,200 shares of the company’s stock after selling 57,200 shares during the quarter. LMR Partners LLP’s holdings in Legend Biotech were worth $2,187,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in LEGN. Deerfield Management Company L.P. Series C acquired a new stake in shares of Legend Biotech in the 4th quarter worth $50,493,000. Braidwell LP boosted its position in shares of Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Invesco Ltd. boosted its position in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after purchasing an additional 1,022,365 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Legend Biotech by 155.3% in the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock worth $48,991,000 after purchasing an additional 915,891 shares in the last quarter. Finally, Renaissance Technologies LLC raised its stake in Legend Biotech by 4,917.1% in the 4th quarter. Renaissance Technologies LLC now owns 908,100 shares of the company’s stock worth $29,550,000 after acquiring an additional 890,000 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $31.08 on Wednesday. The stock has a 50-day simple moving average of $33.94 and a two-hundred day simple moving average of $36.15. The firm has a market capitalization of $5.71 billion, a P/E ratio of -32.72 and a beta of 0.20. Legend Biotech Co. has a fifty-two week low of $29.27 and a fifty-two week high of $60.87. 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 (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s revenue was up 134.6% on a year-over-year basis. During the same quarter last year, the business posted ($0.40) EPS. On average, equities analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on LEGN. Guggenheim restated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. HC Wainwright restated a “buy” rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Wednesday, April 16th. Royal Bank of Canada restated an “outperform” rating and issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, Morgan Stanley reduced their target price 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. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $78.82.

Legend Biotech Company 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).