Candriam S.C.A. Sells 171,620 Shares of 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. decreased its holdings in shares of 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. The institutional investor 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 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. First Trust Advisors LP increased its position in shares of Legend Biotech by 76.3% during the 4th quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock valued at $673,000 after purchasing an additional 8,948 shares during the last quarter. Tower Research Capital LLC TRC grew its position in Legend Biotech by 355.3% during the fourth 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. Stifel Financial Corp boosted its stake in shares of Legend Biotech by 70.4% in the 4th quarter. Stifel Financial Corp now owns 31,365 shares of the company's stock valued at $1,021,000 after purchasing an additional 12,955 shares in the last quarter. Virtus ETF Advisers LLC grew its holdings in shares of Legend Biotech by 30.6% during the 4th quarter. Virtus ETF Advisers LLC now owns 9,852 shares of the company's stock valued at $321,000 after purchasing an additional 2,310 shares during the last quarter. Finally, Decheng Capital LLC grew its holdings in shares of Legend Biotech by 41.5% during the 4th quarter. Decheng Capital LLC now owns 153,558 shares of the company's stock valued at $4,997,000 after purchasing an additional 45,000 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $77.00 price target (up from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. HC Wainwright reissued a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. UBS Group set a $54.00 price target on shares of Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Truist Financial lowered 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. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $72.38.

Legend Biotech Stock Up 0.1%

Legend Biotech stock traded up $0.03 on Friday, hitting $35.56. 693,867 shares of the stock traded hands, compared to its average volume of 1,064,518. The business's fifty day simple moving average is $37.80 and its 200 day simple moving average is $35.12. The firm has a market cap of $6.53 billion, a P/E ratio of -40.41 and a beta of 0.26. 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 1 year low of $27.34 and a 1 year high of $59.62.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate 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 period in the previous year, the firm earned ($0.05) EPS. The company's revenue was up 36.8% on a year-over-year basis. As a group, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

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).