Price T Rowe Associates Inc. MD Trims Stock Position in 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 lessened its position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 1.2% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 6,729,779 shares of the company's stock after selling 78,302 shares during the quarter. Price T Rowe Associates Inc. MD owned about 3.66% of Legend Biotech worth $228,342,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. GAMMA Investing LLC raised its position in shares of 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 buying an additional 765 shares during the period. GF Fund Management CO. LTD. purchased a new stake in shares of Legend Biotech during the 4th quarter valued at approximately $56,000. Brooklyn Investment Group raised its position in shares of Legend Biotech by 1,114.8% during the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after buying an additional 1,583 shares during the period. Shell Asset Management Co. raised its position in shares of Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares during the period. Finally, Tower Research Capital LLC TRC raised its position in shares of Legend Biotech by 355.3% during the 4th quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock valued at $146,000 after buying an additional 3,496 shares during the period. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $35.56 on Friday. The company has a fifty day simple moving average of $37.80 and a two-hundred day simple moving average of $35.13. The company has a market cap of $6.53 billion, a price-to-earnings ratio of -40.41 and a beta of 0.26. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. Legend Biotech Corporation Sponsored ADR has a 52 week low of $27.34 and a 52 week high of $59.62.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued 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). The firm had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The business's revenue for the quarter was up 36.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.05) EPS. As a group, equities analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LEGN has been the subject of several research reports. HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a report on Thursday, July 17th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $77.00 target price (up previously from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Johnson Rice reiterated a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Morgan Stanley lifted their target price on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Finally, Cantor Fitzgerald upgraded shares of Legend Biotech to a "strong-buy" rating in a research note on Monday, August 4th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $72.38.

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).

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.