Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Nordea Investment Management AB

Key Points

• Nordea Investment Management AB significantly reduced its stake in Legend Biotech by 80%, ending the second quarter with 60,713 shares valued at approximately $2.2 million.
• Legend Biotech reported a loss of $0.34 EPS for the most recent quarter, missing analysts' estimates, despite a 36.8% increase in revenue year-over-year.
• Analysts have varying price targets for Legend Biotech, with the average target around $66.56, reflecting a consensus rating of "Moderate Buy."

Nordea Investment Management AB cut its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 80.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 60,713 shares of the company's stock after selling 242,617 shares during the quarter. Nordea Investment Management AB's holdings in Legend Biotech were worth $2,196,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. GAMMA Investing LLC raised its position in shares of Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares during the last quarter. Quarry LP acquired a new position in Legend Biotech during the 1st quarter valued at approximately $48,000. Brooklyn Investment Group raised its holdings in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after buying an additional 1,583 shares during the last quarter. GF Fund Management CO. LTD. grew its holdings in shares of Legend Biotech by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock valued at $71,000 after buying an additional 377 shares during the last quarter. Finally, Allostery Investments LP purchased a new stake in shares of Legend Biotech during the first quarter valued at $161,000. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Down 2.3%

LEGN opened at $32.11 on Thursday. The company has a fifty day moving average of $33.92 and a two-hundred day moving average of $34.41. The stock has a market capitalization of $5.93 billion, a price-to-earnings ratio of -36.49 and a beta of 0.23. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $47.79. The company has a debt-to-equity ratio of 0.30, a quick ratio of 4.57 and a current ratio of 4.71.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.34) EPS 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 business had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. During the same quarter last year, the business earned ($0.05) earnings per share. Legend Biotech's revenue was up 36.8% on a year-over-year basis. On average, research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on LEGN shares. Johnson Rice set a $60.00 price target on Legend Biotech in a research report on Friday, October 17th. HC Wainwright decreased their target price on Legend Biotech from $75.00 to $60.00 and set a "buy" rating for the company in a report on Friday, October 17th. JPMorgan Chase & Co. cut their price target on shares of Legend Biotech from $78.00 to $76.00 and set an "overweight" rating on the stock in a report on Thursday, October 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $77.00 price target (up from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. Finally, Cantor Fitzgerald assumed coverage on shares of Legend Biotech in a report on Tuesday, October 7th. They issued an "overweight" rating and a $40.00 price objective on the stock. Nine investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $66.56.

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).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.