Price T Rowe Associates Inc. MD Sells 78,302 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Price T Rowe Associates Inc. MD has reduced its stake in Legend Biotech by 1.2%, maintaining ownership of approximately 3.66% of the company, worth about $228 million.
• Legend Biotech reported a loss of $0.34 EPS for the last quarter, missing estimates, but saw a year-over-year revenue increase of 36.8% to $255.06 million.
• Analysts have a consensus rating of "Buy" for Legend Biotech, with a target price averaging around $72.38, highlighting strong institutional interest in the company.

Price T Rowe Associates Inc. MD trimmed its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 1.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 6,729,779 shares of the company's stock after selling 78,302 shares during the period. Price T Rowe Associates Inc. MD owned approximately 3.66% of Legend Biotech worth $228,342,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of LEGN. Suvretta Capital Management LLC purchased a new position in Legend Biotech in the 4th quarter valued at approximately $113,767,000. Deerfield Management Company L.P. Series C purchased a new position in Legend Biotech in the 4th quarter valued at approximately $50,493,000. Braidwell LP grew its stake in Legend Biotech by 93.2% in the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after buying an additional 1,436,400 shares in the last quarter. Westfield Capital Management Co. LP grew its stake in Legend Biotech by 21.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock valued at $234,713,000 after buying an additional 1,203,871 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its stake in Legend Biotech by 6,732.7% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,004,334 shares of the company's stock valued at $34,077,000 after buying an additional 989,635 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

NASDAQ:LEGN traded up $0.20 during trading hours on Friday, hitting $34.57. The stock had a trading volume of 262,589 shares, compared to its average volume of 1,444,198. Legend Biotech Corporation Sponsored ADR has a one year low of $27.34 and a one year high of $59.62. 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 firm has a market capitalization of $6.35 billion, a price-to-earnings ratio of -39.22 and a beta of 0.26. The company has a 50 day simple moving average of $37.77 and a two-hundred day simple moving average of $35.10.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $237.49 million. During the same period in the prior year, the firm posted ($0.05) earnings per share. The business's revenue was up 36.8% on a year-over-year basis. Research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

LEGN has been the subject of a number of recent research reports. JPMorgan Chase & Co. lifted their price objective on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday. Truist Financial reduced 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. Cantor Fitzgerald reissued an "overweight" rating and issued a $66.00 price target on shares of Legend Biotech in a report on Wednesday. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Finally, UBS Group set a $54.00 price target on shares of Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Ten research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $74.22.

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).