Matthews International Capital Management LLC cut its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 7.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,101,887 shares of the company's stock after selling 83,629 shares during the period. Legend Biotech makes up 7.7% of Matthews International Capital Management LLC's portfolio, making the stock its 4th largest holding. Matthews International Capital Management LLC owned about 0.60% of Legend Biotech worth $37,387,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the company. Asset Management One Co. Ltd. boosted its position in Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company's stock valued at $360,000 after buying an additional 2,297 shares during the period. New York State Common Retirement Fund lifted its position in shares of Legend Biotech by 196.1% in the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company's stock worth $1,929,000 after purchasing an additional 39,256 shares during the period. Lansforsakringar Fondforvaltning AB publ purchased a new stake in shares of Legend Biotech in the 4th quarter worth approximately $914,000. JPMorgan Chase & Co. raised its stake in shares of Legend Biotech by 176.0% during the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock worth $32,475,000 after acquiring an additional 636,390 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in Legend Biotech by 76.3% during the fourth quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock valued at $673,000 after acquiring an additional 8,948 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on LEGN shares. Cantor Fitzgerald reissued an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. Truist Financial decreased their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. Royal Bank Of Canada reissued an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Morgan Stanley reduced their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat.com, Legend Biotech has an average rating of "Moderate Buy" and a consensus target price of $76.20.
Read Our Latest Research Report on Legend Biotech
Legend Biotech Stock Performance
LEGN stock traded down $0.89 during midday trading on Friday, hitting $34.00. 2,254,005 shares of the stock traded hands, compared to its average volume of 1,345,425. The firm has a market cap of $6.25 billion, a P/E ratio of -57.63 and a beta of 0.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07. The stock's fifty day simple moving average is $32.28 and its 200-day simple moving average is $34.15. Legend Biotech Corporation Sponsored ADR has a 1-year low of $27.34 and a 1-year high of $60.87.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. The business had revenue of $195.05 million for the quarter, compared to analyst estimates of $190.83 million. During the same quarter last year, the business earned ($0.16) earnings per share. The company's revenue for the quarter was up 107.8% compared to the same quarter last year. On average, analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.
Legend Biotech Profile
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Free Report)
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).
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