Millennium Management LLC Lowers Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Millennium Management LLC cut its position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 55.2% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 255,468 shares of the company's stock after selling 314,908 shares during the period. Millennium Management LLC owned about 0.14% of Legend Biotech worth $8,313,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently made changes to their positions in LEGN. Signaturefd LLC raised its position in shares of Legend Biotech by 1,052.7% during the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after buying an additional 1,579 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Legend Biotech during the fourth quarter valued at approximately $77,000. Quadrant Capital Group LLC grew its position in Legend Biotech by 4,296.6% in 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 during the last quarter. Tower Research Capital LLC TRC grew its stake 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 worth $146,000 after acquiring an additional 3,496 shares in the last quarter. Finally, Blue Trust Inc. raised its position in Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock valued at $190,000 after purchasing an additional 5,478 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN traded down $0.56 during midday trading on Friday, hitting $28.41. The company's stock had a trading volume of 135,331 shares, compared to its average volume of 1,290,821. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The business's 50 day simple moving average is $31.91 and its 200 day simple moving average is $34.99. Legend Biotech Co. has a 12-month low of $27.34 and a 12-month high of $60.87. The company has a market cap of $5.22 billion, a P/E ratio of -29.90 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $195.05 million for the quarter, compared to analyst estimates of $190.83 million. During the same quarter in the prior year, the company posted ($0.16) EPS. The company's quarterly revenue was up 107.8% on a year-over-year basis. On average, analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on LEGN shares. HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 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 research note on Wednesday, May 14th. Cantor Fitzgerald restated an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a research note on Wednesday, May 14th. Finally, Royal Bank of Canada restated an "outperform" rating and set a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $76.20.

Legend Biotech 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).