Mirae Asset Global Investments Co. Ltd. Has $530,000 Stock Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Mirae Asset Global Investments significantly reduced its position in Legend Biotech, selling 989,397 shares and holding only 14,937 shares valued at $530,000 by the end of the second quarter.
• Legend Biotech recently missed earnings expectations with a reported EPS of ($0.34), lower than the consensus estimate of ($0.22), despite achieving a quarterly revenue of $255.06 million.
• A total of 70.89% of Legend Biotech's stock is currently owned by institutional investors and hedge funds, highlighting strong interest in the company's equity.

Mirae Asset Global Investments Co. Ltd. lessened its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 98.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 14,937 shares of the company's stock after selling 989,397 shares during the quarter. Mirae Asset Global Investments Co. Ltd.'s holdings in Legend Biotech were worth $530,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently bought and sold shares of LEGN. GAMMA Investing LLC increased its stake in shares of Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock worth $44,000 after purchasing an additional 765 shares during the period. Harbor Capital Advisors Inc. grew its holdings in Legend Biotech by 26.6% in the 2nd quarter. Harbor Capital Advisors Inc. now owns 50,056 shares of the company's stock valued at $1,776,000 after buying an additional 10,519 shares during the last quarter. Voya Investment Management LLC acquired a new stake in Legend Biotech in the 1st quarter valued at approximately $537,000. Advisors Asset Management Inc. grew its holdings in Legend Biotech by 193.5% in the 1st quarter. Advisors Asset Management Inc. now owns 19,825 shares of the company's stock valued at $673,000 after buying an additional 13,070 shares during the last quarter. Finally, Alliancebernstein L.P. grew its holdings in Legend Biotech by 2.2% in the 1st quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company's stock valued at $51,175,000 after buying an additional 32,101 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Price Performance

Legend Biotech stock opened at $31.70 on Friday. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The company has a market capitalization of $5.85 billion, a PE ratio of -36.02 and a beta of 0.23. Legend Biotech Corporation Sponsored ADR has a one year low of $27.34 and a one year high of $51.77. The business has a 50 day simple moving average of $34.66 and a 200 day simple moving average of $34.46.

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 the consensus estimate of ($0.22) by ($0.12). The company had revenue of $255.06 million for the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.Legend Biotech's quarterly revenue was up 36.8% compared to the same quarter last year. During the same quarter last year, the business earned ($0.05) EPS. On average, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have issued reports on the company. JPMorgan Chase & Co. lowered their target price on Legend Biotech from $78.00 to $76.00 and set an "overweight" rating on the stock in a report on Thursday. Morgan Stanley raised their target price on Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Cantor Fitzgerald assumed coverage on Legend Biotech in a report on Tuesday. They issued an "overweight" rating and a $40.00 target price on the stock. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Legend Biotech in a report on Wednesday. Finally, Johnson Rice reiterated a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Legend Biotech has an average rating of "Moderate Buy" and a consensus target price of $69.25.

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).

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