Federated Hermes Inc. Sells 98,629 Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

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

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC lifted its holdings in Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares in the last quarter. GF Fund Management CO. LTD. acquired a new position in Legend Biotech during the fourth quarter worth about $56,000. Shell Asset Management Co. grew its stake in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after acquiring an additional 800 shares in the last quarter. Quadrant Capital Group LLC grew its stake in Legend Biotech by 4,296.6% during the 4th quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company's stock valued at $124,000 after acquiring an additional 3,738 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its holdings 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 valued at $146,000 after acquiring an additional 3,496 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the company. UBS Group set a $54.00 price target on Legend Biotech and gave the company a "buy" rating in a research report on Wednesday, July 2nd. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Thursday, July 17th. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Truist Financial reduced their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Finally, Royal Bank Of Canada reiterated an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $73.33.

Legend Biotech Trading Down 0.3%

LEGN traded down $0.13 during trading on Monday, hitting $38.68. The company's stock had a trading volume of 354,091 shares, compared to its average volume of 1,502,915. The firm's 50 day moving average price is $36.34 and its 200-day moving average price is $35.05. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07. Legend Biotech Corporation Sponsored ADR has a twelve month low of $27.34 and a twelve month high of $59.62. The stock has a market cap of $7.11 billion, a PE ratio of -65.66 and a beta of 0.26.

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