Alberta Investment Management Corp Reduces 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 holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 5.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 128,288 shares of the company's stock after selling 6,971 shares during the quarter. Alberta Investment Management Corp owned 0.07% of Legend Biotech worth $4,353,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of LEGN. GF Fund Management CO. LTD. boosted 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 worth $71,000 after buying an additional 377 shares during the period. Rhumbline Advisers lifted its position in Legend Biotech by 1.4% in the first quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after purchasing an additional 391 shares during the period. GAMMA Investing LLC lifted its position in Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after purchasing an additional 765 shares during the period. Shell Asset Management Co. lifted its position in Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after purchasing an additional 800 shares during the period. Finally, Diversified Trust Co increased its holdings in shares of Legend Biotech by 1.9% in the first quarter. Diversified Trust Co now owns 46,151 shares of the company's stock valued at $1,566,000 after buying an additional 863 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $38.80 on Friday. The stock's fifty day simple moving average is $36.34 and its 200-day simple moving average is $35.03. The company has a current ratio of 5.20, a quick ratio of 5.07 and a debt-to-equity ratio of 0.30. Legend Biotech Corporation Sponsored ADR has a 1-year low of $27.34 and a 1-year high of $59.62. The company has a market capitalization of $7.13 billion, a price-to-earnings ratio of -65.76 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 21.19% and a negative net margin of 29.95%. The firm had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. During the same quarter in the previous year, the company posted ($0.16) earnings per share. The business's quarterly revenue was up 107.8% compared to the same quarter last year. On average, sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research analysts have issued reports on the company. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a report on Wednesday, May 14th. Truist Financial dropped their price target on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, UBS Group set a $54.00 target price on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. One equities research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

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).

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