Candriam S.C.A. Has $7.53 Million Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Candriam S.C.A. has reduced its stake in Legend Biotech by 43.6%, now holding approximately 0.12% of the company, valued at around $7.5 million.
• Several hedge funds have increased their positions in Legend Biotech, with GAMMA Investing LLC and Brooklyn Investment Group boosting their stakes significantly during the first quarter.
• Legend Biotech reported a loss of $0.34 per share for the last quarter, missing estimates, but achieved a revenue of $255.06 million, which exceeds analyst expectations of $237.49 million.

Candriam S.C.A. lowered its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 43.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 221,832 shares of the company's stock after selling 171,620 shares during the quarter. Candriam S.C.A. owned 0.12% of Legend Biotech worth $7,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC increased its position in 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 buying an additional 765 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Legend Biotech during the 4th quarter worth approximately $56,000. Brooklyn Investment Group lifted its stake in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after acquiring an additional 1,583 shares during the last quarter. Shell Asset Management Co. increased its holdings in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after purchasing an additional 800 shares during the period. Finally, Tower Research Capital LLC TRC increased its holdings in Legend Biotech by 355.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after purchasing an additional 3,496 shares during the period. Hedge funds and other institutional investors own 70.89% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages have commented on LEGN. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $66.00 price target on shares of Legend Biotech in a research report on Wednesday. Truist Financial reduced their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Morgan Stanley lifted their target price on Legend Biotech from $81.00 to $83.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 12th. UBS Group set a $54.00 price objective on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $77.00 price objective (up from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $74.22.

Legend Biotech Price Performance

Shares of NASDAQ LEGN traded down $0.46 during mid-day trading on Wednesday, reaching $34.62. 434,755 shares of the company traded hands, compared to its average volume of 1,453,907. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $59.62. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The firm has a market cap of $6.36 billion, a PE ratio of -39.32 and a beta of 0.26. The stock has a fifty day simple moving average of $37.79 and a 200-day simple moving average of $35.12.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results 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 return on equity of 32.00% and a negative net margin of 40.83%.The business had revenue of $255.06 million for the quarter, compared to the consensus estimate of $237.49 million. During the same quarter in the previous year, the business posted ($0.05) earnings per share. The company's quarterly revenue was up 36.8% on a year-over-year basis. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal 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).