Los Angeles Capital Management LLC Sells 10,660 Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

Los Angeles Capital Management LLC cut its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 6.2% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 161,780 shares of the company's stock after selling 10,660 shares during the period. Los Angeles Capital Management LLC owned about 0.09% of Legend Biotech worth $5,489,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the business. GAMMA Investing LLC increased its holdings 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 purchasing an additional 765 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ acquired a new stake in Legend Biotech during the 4th quarter valued at $914,000. JPMorgan Chase & Co. increased its holdings in Legend Biotech by 176.0% during the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock valued at $32,475,000 after purchasing an additional 636,390 shares in the last quarter. First Trust Advisors LP increased its holdings in 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 in the last quarter. Finally, Sei Investments Co. increased its holdings in Legend Biotech by 29.1% during the 4th quarter. Sei Investments Co. now owns 66,855 shares of the company's stock valued at $2,175,000 after purchasing an additional 15,058 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Up 4.2%

Shares of NASDAQ:LEGN traded up $1.79 during midday trading on Tuesday, hitting $44.02. The company had a trading volume of 1,480,117 shares, compared to its average volume of 1,372,449. Legend Biotech Corporation Sponsored ADR has a 12 month low of $27.34 and a 12 month high of $60.87. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. The firm has a fifty day simple moving average of $33.81 and a 200 day simple moving average of $34.43.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.33. The firm had revenue of $195.05 million for the quarter, compared to analyst estimates of $190.83 million. Legend Biotech had a negative return on equity of 21.19% and a negative net margin of 29.95%. The company's revenue for the quarter was up 107.8% on a year-over-year basis. During the same period in the previous year, the company posted ($0.16) earnings per share. As a group, equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Analyst Ratings Changes

LEGN has been the topic of a number of recent research reports. UBS Group set a $54.00 price objective on Legend Biotech and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Morgan Stanley reiterated an "overweight" rating and issued a $81.00 price objective (up from $80.00) on shares of Legend Biotech in a research report on Thursday, July 10th. Finally, Truist Financial decreased their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to MarketBeat.com, Legend Biotech presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

About Legend Biotech

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).