Cinctive Capital Management LP Has $639,000 Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Cinctive Capital Management LP reduced its stake in Legend Biotech Corporation by 38.7%, selling 11,869 shares during the first quarter, leaving them with a total of 18,825 shares valued at approximately $639,000.
• Analyst ratings for Legend Biotech show a consensus of ten 'buy' ratings and one 'hold' rating, with the average price target set at $74.22.
• Legend Biotech reported a revenue of $255.06 million for the most recent quarter, significantly exceeding analyst expectations, although it posted an EPS of ($0.34), which was below the consensus estimate.

Cinctive Capital Management LP decreased its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 38.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 18,825 shares of the company's stock after selling 11,869 shares during the quarter. Cinctive Capital Management LP's holdings in Legend Biotech were worth $639,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in LEGN. Westfield Capital Management Co. LP lifted its holdings in shares of Legend Biotech by 21.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after purchasing an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC acquired a new position in shares of Legend Biotech during the fourth quarter valued at approximately $113,767,000. Massachusetts Financial Services Co. MA increased its stake in shares of Legend Biotech by 0.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock valued at $77,030,000 after acquiring an additional 6,708 shares during the period. Wellington Management Group LLP raised its stake in shares of Legend Biotech by 4.1% in the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock worth $69,010,000 after buying an additional 84,405 shares in the last quarter. Finally, Alliancebernstein L.P. raised its stake in shares of Legend Biotech by 2.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company's stock worth $51,175,000 after buying an additional 32,101 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Analyst Ratings Changes

A number of analysts have recently commented on LEGN shares. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Royal Bank Of Canada reissued an "outperform" rating and issued a $77.00 price objective (up previously from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and set a $66.00 target price on shares of Legend Biotech in a research note on Wednesday, August 27th. Morgan Stanley lifted their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. Finally, 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. Ten analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $74.22.

Legend Biotech Stock Down 2.2%

Shares of LEGN stock traded down $0.76 on Wednesday, reaching $33.49. 2,189,830 shares of the company's stock traded hands, compared to its average volume of 1,436,459. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71. The company has a market capitalization of $6.18 billion, a P/E ratio of -38.06 and a beta of 0.28. The business's 50 day moving average price is $37.85 and its two-hundred day moving average price is $34.96. Legend Biotech Corporation Sponsored ADR has a 12-month low of $27.34 and a 12-month high of $52.31.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12). The company had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The company's quarterly revenue was up 36.8% on a year-over-year basis. During the same period last year, the business earned ($0.05) EPS. On average, equities analysts forecast 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).