E Fund Management Co. Ltd. Has $3.40 Million Holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

Key Points

• E Fund Management Co. Ltd. reduced its holdings in Legend Biotech by 11.6%, selling 13,152 shares and retaining a total of 100,170 shares valued at approximately $3.4 million.
• Several institutional investors, including GAMMA Investing LLC and PNC Financial Services Group, significantly increased their stakes in Legend Biotech, indicating strong market interest.
• Analysts maintain a consensus "Buy" rating for Legend Biotech, with a price target average of $72.38, reflecting positive expectations for future performance.

E Fund Management Co. Ltd. lessened its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 11.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 100,170 shares of the company's stock after selling 13,152 shares during the period. E Fund Management Co. Ltd. owned about 0.05% of Legend Biotech worth $3,399,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of LEGN. GAMMA Investing LLC boosted its holdings in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after buying an additional 765 shares during the period. GF Fund Management CO. LTD. acquired a new stake in Legend Biotech in the 4th quarter worth about $56,000. Shell Asset Management Co. raised its stake in Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after purchasing an additional 800 shares in the last quarter. Tower Research Capital LLC TRC raised its stake in Legend Biotech by 355.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after purchasing an additional 3,496 shares in the last quarter. Finally, PNC Financial Services Group Inc. raised its stake in Legend Biotech by 193.0% in the 1st quarter. PNC Financial Services Group Inc. now owns 4,916 shares of the company's stock worth $167,000 after purchasing an additional 3,238 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

Legend Biotech Price Performance

LEGN stock traded down $0.21 during trading on Friday, reaching $37.50. 869,003 shares of the company were exchanged, compared to its average volume of 1,161,058. The company has a 50-day moving average of $37.86 and a two-hundred day moving average of $35.18. The company has a market capitalization of $6.89 billion, a price-to-earnings ratio of -42.61 and a beta of 0.26. Legend Biotech Corporation Sponsored ADR has a twelve month low of $27.34 and a twelve month high of $59.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 5.07.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data 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 return on equity of 32.00% and a negative net margin of 40.83%. Legend Biotech's revenue for the quarter was up 36.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.05) earnings per share. As a group, equities analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have weighed in on LEGN. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Truist Financial dropped their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Morgan Stanley lifted their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Cantor Fitzgerald upgraded shares of Legend Biotech to a "strong-buy" rating in a research report on Monday, August 4th. Finally, Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating, eight have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $72.38.

About Legend Biotech

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).