Alberta Investment Management Corp Has $4.35 Million Stock Position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

Key Points

• Alberta Investment Management Corp has reduced its holdings in Legend Biotech by 5.2%, now owning 128,288 shares worth approximately $4.35 million.
• Other institutional investors are also increasing their positions in Legend Biotech, with notable increases from GF Fund Management (22.0%) and GAMMA Investing (145.4%) during the first quarter.
• Legend Biotech reported a quarterly revenue of $195.05 million, significantly beating analysts' expectations and marking a 107.8% increase compared to the same quarter last year.

Alberta Investment Management Corp trimmed its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 5.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,288 shares of the company's stock after selling 6,971 shares during the period. Alberta Investment Management Corp owned 0.07% of Legend Biotech worth $4,353,000 at the end of the most recent reporting period.

A number of other large investors also recently bought and sold shares of the business. Sei Investments Co. raised its holdings in Legend Biotech by 29.1% in the fourth quarter. Sei Investments Co. now owns 66,855 shares of the company's stock worth $2,175,000 after buying an additional 15,058 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Legend Biotech by 176.0% in the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock worth $32,475,000 after buying an additional 636,390 shares in the last quarter. Pictet Asset Management Holding SA grew its holdings in Legend Biotech by 2.5% during the 4th quarter. Pictet Asset Management Holding SA now owns 89,669 shares of the company's stock valued at $2,918,000 after buying an additional 2,223 shares in the last quarter. Schroder Investment Management Group grew its stake in Legend Biotech by 74.7% during the fourth quarter. Schroder Investment Management Group now owns 194,508 shares of the company's stock valued at $6,374,000 after acquiring an additional 83,191 shares in the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after purchasing an additional 84,405 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

NASDAQ LEGN traded down $0.23 during trading hours on Thursday, hitting $37.43. 884,864 shares of the stock were exchanged, compared to its average volume of 1,491,164. Legend Biotech Corporation Sponsored ADR has a 12-month low of $27.34 and a 12-month high of $59.62. The stock has a 50-day moving average of $36.91 and a 200 day moving average of $35.13. The company has a market cap of $6.88 billion, a price-to-earnings ratio of -63.44 and a beta of 0.26. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The business had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative return on equity of 21.19% and a negative net margin of 29.95%. The business's revenue for the quarter was up 107.8% on a year-over-year basis. During the same quarter last year, the business posted ($0.16) earnings per share. As a group, equities research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Truist Financial decreased their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Cantor Fitzgerald upgraded Legend Biotech to a "strong-buy" rating in a report on Monday. HC Wainwright reaffirmed a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a research report on Thursday, July 17th. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating, nine have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $73.33.

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).