E Fund Management Hong Kong Co. Ltd. Cuts Position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

E Fund Management Hong Kong Co. Ltd. lowered its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 30.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 29,928 shares of the company's stock after selling 13,152 shares during the quarter. Legend Biotech comprises approximately 0.9% of E Fund Management Hong Kong Co. Ltd.'s investment portfolio, making the stock its 15th largest holding. E Fund Management Hong Kong Co. Ltd.'s holdings in Legend Biotech were worth $1,015,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. New York State Common Retirement Fund increased its stake in Legend Biotech by 196.1% during the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company's stock valued at $1,929,000 after purchasing an additional 39,256 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new position in Legend Biotech in the 4th quarter worth $914,000. JPMorgan Chase & Co. lifted its position in Legend Biotech by 176.0% during the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock worth $32,475,000 after acquiring an additional 636,390 shares during the period. First Trust Advisors LP grew its stake in Legend Biotech by 76.3% during the 4th quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock valued at $673,000 after purchasing an additional 8,948 shares during the last quarter. Finally, Sei Investments Co. grew its stake in Legend Biotech by 29.1% during the 4th quarter. Sei Investments Co. now owns 66,855 shares of the company's stock valued at $2,175,000 after purchasing an additional 15,058 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 0.4%

LEGN opened at $33.85 on Tuesday. The company has a fifty day moving average of $32.32 and a two-hundred day moving average of $34.05. The stock has a market capitalization of $6.22 billion, a price-to-earnings ratio of -57.37 and a beta of 0.13. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The company has a debt-to-equity ratio of 0.30, a quick ratio of 5.07 and a current ratio of 5.20.

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

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on LEGN shares. Royal Bank Of Canada restated an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 22nd. HC Wainwright reissued a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Morgan Stanley cut their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Finally, Cantor Fitzgerald restated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Legend Biotech currently has an average rating of "Moderate Buy" and a consensus price target of $76.20.

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).

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