Aberdeen Group plc Sells 16,732 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Aberdeen Group plc has reduced its stake in Legend Biotech by 53.1%, now holding shares worth approximately $502,000 after selling a significant number of shares in the first quarter.
• Several institutional investors have made notable changes to their holdings in Legend Biotech, with GAMMA Investing LLC increasing its ownership by 145.4% in the first quarter alone.
• Analysts have mixed opinions on Legend Biotech, with a consensus rating of "Buy" and an estimated price target of $72.38, despite the company recently reporting a loss in earnings.

Aberdeen Group plc trimmed its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 53.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 14,786 shares of the company's stock after selling 16,732 shares during the quarter. Aberdeen Group plc's holdings in Legend Biotech were worth $502,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Public Sector Pension Investment Board boosted its holdings in shares of Legend Biotech by 17.8% during the first quarter. Public Sector Pension Investment Board now owns 27,789 shares of the company's stock worth $943,000 after purchasing an additional 4,200 shares during the period. Nuveen LLC acquired a new stake in shares of Legend Biotech during the first quarter worth approximately $5,774,000. National Bank of Canada FI acquired a new stake in shares of Legend Biotech during the first quarter worth approximately $7,129,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in shares of Legend Biotech by 1.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock worth $1,887,000 after purchasing an additional 579 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Legend Biotech by 2.7% during the first quarter. Deutsche Bank AG now owns 138,656 shares of the company's stock worth $4,705,000 after purchasing an additional 3,589 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the stock. UBS Group set a $54.00 price target on shares of Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. HC Wainwright reissued a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research report on Thursday, July 17th. Truist Financial dropped their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Finally, Royal Bank Of Canada reissued an "outperform" rating and issued a $77.00 price target (up previously from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Legend Biotech currently has an average rating of "Moderate Buy" and a consensus target price of $74.22.

Legend Biotech Stock Performance

Legend Biotech stock traded down $0.27 on Thursday, hitting $34.46. The company's stock had a trading volume of 99,158 shares, compared to its average volume of 1,448,696. The firm has a market cap of $6.33 billion, a P/E ratio of -39.14 and a beta of 0.26. 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 fifty day moving average price of $37.78 and a 200-day moving average price of $35.11. Legend Biotech Corporation Sponsored ADR has a one year low of $27.34 and a one year high of $59.62.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. During the same period in the previous year, the company posted ($0.05) EPS. The firm's revenue for the quarter was up 36.8% compared to the same quarter last year. On average, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

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).