Invesco Ltd. Cuts Stock Position in 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 holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 11.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 2,936,703 shares of the company's stock after selling 373,268 shares during the period. Invesco Ltd. owned about 1.60% of Legend Biotech worth $99,642,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC boosted its stake in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after acquiring an additional 765 shares during the last quarter. GF Fund Management CO. LTD. acquired a new stake in shares of Legend Biotech in the fourth quarter worth approximately $56,000. Shell Asset Management Co. boosted its stake in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after acquiring an additional 800 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in shares of Legend Biotech by 355.3% in the fourth quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after acquiring an additional 3,496 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its stake in shares of Legend Biotech by 193.0% in the first quarter. PNC Financial Services Group Inc. now owns 4,916 shares of the company's stock worth $167,000 after acquiring an additional 3,238 shares during the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Stock Down 2.0%

LEGN stock traded down $0.7220 during trading on Wednesday, hitting $35.8180. 391,232 shares of the company's stock were exchanged, compared to its average volume of 1,464,895. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. Legend Biotech Corporation Sponsored ADR has a 52-week low of $27.34 and a 52-week high of $59.62. The business has a 50-day moving average price of $37.89 and a two-hundred day moving average price of $35.17. The stock has a market capitalization of $6.58 billion, a price-to-earnings ratio of -40.76 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The firm had revenue of $255.06 million during the quarter, compared to analysts' expectations of $237.49 million. During the same quarter in the prior year, the firm posted ($0.05) EPS. Legend Biotech's quarterly revenue was up 36.8% compared to the same quarter last year. As a group, equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on LEGN. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research note on Thursday, July 17th. UBS Group set a $54.00 price objective on Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Morgan Stanley boosted their price objective on Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 12th. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $77.00 price objective (up previously from $75.00) on shares of Legend Biotech in a research note 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 issued a Hold rating to the stock. According to data from MarketBeat.com, Legend Biotech has a consensus rating of "Buy" and a consensus price target 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).