Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Shares Sold by Federated Hermes Inc.

Federated Hermes Inc. trimmed its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 6.6% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,391,671 shares of the company's stock after selling 98,629 shares during the period. Federated Hermes Inc. owned 0.76% of Legend Biotech worth $47,219,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Suvretta Capital Management LLC acquired a new position in Legend Biotech in the fourth quarter valued at approximately $113,767,000. Invesco Ltd. boosted its stake in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after acquiring an additional 1,022,365 shares during the period. Braidwell LP boosted its stake in Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after acquiring an additional 1,436,400 shares during the period. Massachusetts Financial Services Co. MA boosted its stake in Legend Biotech by 0.3% in 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. Finally, Wellington Management Group LLP boosted its stake in Legend Biotech by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after acquiring an additional 84,405 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the company. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. UBS Group set a $54.00 price target on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley reaffirmed an "overweight" rating and set a $81.00 price target (up previously from $80.00) on shares of Legend Biotech in a report on Thursday, July 10th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 price target on shares of Legend Biotech in a report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. Based on data from MarketBeat.com, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

Legend Biotech Price Performance

NASDAQ:LEGN traded down $0.27 during midday trading on Friday, hitting $38.80. 1,094,425 shares of the stock were exchanged, compared to its average volume of 1,373,207. Legend Biotech Corporation Sponsored ADR has a one year low of $27.34 and a one 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. The business has a 50-day moving average price of $36.34 and a two-hundred day moving average price of $35.00. 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 (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 analysts' expectations of $190.83 million. During the same quarter in the previous year, the company earned ($0.16) earnings per share. The firm's quarterly revenue was up 107.8% compared to the same quarter last year. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

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).