Invesco Ltd. Sells 373,268 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Invesco Ltd. reduced its stake in Legend Biotech Corporation by 11.3%, selling 373,268 shares and now holding approximately 2.9 million shares valued at about $99.6 million.
• Despite a strong quarterly revenue report, Legend Biotech announced a loss with an EPS of ($0.34), missing analysts' expectations.
• Legend Biotech has seen significant interest from institutional investors, who now own 70.89% of the company's stock, reflecting a trend of increased investment in the biotech sector.

Invesco Ltd. reduced its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 11.3% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,936,703 shares of the company's stock after selling 373,268 shares during the quarter. Invesco Ltd. owned approximately 1.60% of Legend Biotech worth $99,642,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Westfield Capital Management Co. LP raised its holdings in Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock valued at $234,713,000 after buying an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC bought a new stake in Legend Biotech during the 4th quarter valued at $113,767,000. Braidwell LP raised its holdings in Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after buying an additional 1,436,400 shares during the last quarter. Massachusetts Financial Services Co. MA raised its holdings in Legend Biotech by 0.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock valued at $77,030,000 after buying an additional 6,708 shares during the last quarter. Finally, Wellington Management Group LLP raised its holdings in Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after buying an additional 84,405 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Down 0.3%

Shares of Legend Biotech stock traded down $0.10 during trading on Thursday, hitting $35.53. The company's stock had a trading volume of 1,258,731 shares, compared to its average volume of 1,059,609. 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 fifty day simple moving average of $37.83 and a two-hundred day simple moving average of $35.16. The company has a market capitalization of $6.53 billion, a PE ratio of -40.38 and a beta of 0.26. Legend Biotech Corporation Sponsored ADR has a 52 week low of $27.34 and a 52 week high of $59.62.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The business had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm's revenue was up 36.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) earnings per share. Equities research analysts predict 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 commented on LEGN shares. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Morgan Stanley upped their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a report on Tuesday, August 12th. Truist Financial decreased their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a report on Thursday, July 17th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $77.00 price objective (up from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $72.38.

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).