Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Korea Investment CORP

Key Points

• Korea Investment CORP has reduced its stake in Legend Biotech by 73.1% in Q1, now holding 5,790 shares valued at $196,000.
• Other institutional investors have shown significant activity, with Westfield Capital Management increasing its stake by 21.1%, now owning 6.9 million shares worth $234.7 million.
• Research analysts generally favor Legend Biotech, with the stock receiving multiple buy ratings and an average price target of $72.38.

Korea Investment CORP lessened its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 73.1% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,790 shares of the company's stock after selling 15,700 shares during the period. Korea Investment CORP's holdings in Legend Biotech were worth $196,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of LEGN. GAMMA Investing LLC grew its stake in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after acquiring an additional 765 shares in the last quarter. GF Fund Management CO. LTD. purchased a new stake in Legend Biotech during the 4th quarter valued at about $56,000. Brooklyn Investment Group grew its stake in Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after acquiring an additional 1,583 shares in the last quarter. Shell Asset Management Co. grew its stake in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after acquiring an additional 800 shares in the last quarter. Finally, Tower Research Capital LLC TRC grew its stake 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 valued at $146,000 after acquiring an additional 3,496 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Up 1.0%

Shares of LEGN stock traded up $0.36 during trading hours on Friday, hitting $34.73. The company had a trading volume of 881,286 shares, compared to its average volume of 1,004,347. The company's fifty day moving average is $37.79 and its 200 day moving average is $35.10. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $59.62. The stock has a market capitalization of $6.38 billion, a PE ratio of -39.47 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) 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 company had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. During the same quarter in the prior year, the company posted ($0.05) earnings per share. The business's revenue was up 36.8% compared to the same quarter last year. Research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Truist Financial dropped 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. UBS Group set a $54.00 price target on shares of Legend Biotech and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Morgan Stanley increased their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Cantor Fitzgerald reissued an "overweight" rating and issued a $66.00 price target on shares of Legend Biotech in a research note on Wednesday. Finally, JPMorgan Chase & Co. increased their price target on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday. Ten equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat.com, Legend Biotech presently has an average rating of "Moderate Buy" and a consensus price target of $74.22.

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).