TD Asset Management Inc Sells 13,800 Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

Key Points

• TD Asset Management Inc reduced its holdings in Legend Biotech by 12.8% in the first quarter, now owning 94,192 shares worth approximately $3.20 million.
• Institutional investors currently hold 70.89% of Legend Biotech's stock, with notable increases in stakes from firms like GAMMA Investing LLC and JPMorgan Chase & Co..
• Legend Biotech's stock has received multiple buy ratings from analysts, with a consensus price target of $73.33 following a recent quarterly earnings report that showed a year-over-year revenue increase of 107.8%.

TD Asset Management Inc lessened its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 12.8% in the 1st quarter, according to its most recent filing with the SEC. The firm owned 94,192 shares of the company's stock after selling 13,800 shares during the quarter. TD Asset Management Inc owned 0.05% of Legend Biotech worth $3,196,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of LEGN. GF Fund Management CO. LTD. raised its position in Legend Biotech by 22.0% during the 1st quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock worth $71,000 after buying an additional 377 shares during the last quarter. Rhumbline Advisers boosted its stake in shares of Legend Biotech by 1.4% during the first quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock valued at $951,000 after acquiring an additional 391 shares during the last quarter. GAMMA Investing LLC grew its holdings in Legend Biotech by 145.4% in 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. Shell Asset Management Co. raised its stake in shares of Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after acquiring an additional 800 shares during the period. Finally, Diversified Trust Co lifted its stake in shares of Legend Biotech by 1.9% during the first quarter. Diversified Trust Co now owns 46,151 shares of the company's stock worth $1,566,000 after purchasing an additional 863 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Thursday, July 17th. Truist Financial lowered their target price 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. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Cantor Fitzgerald raised Legend Biotech to a "strong-buy" rating in a report on Monday. Finally, Royal Bank Of Canada reissued an "outperform" rating and set a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating, nine have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Buy" and an average price target of $73.33.

Legend Biotech Stock Down 3.0%

NASDAQ:LEGN traded down $1.16 during trading hours on Wednesday, reaching $37.26. 582,107 shares of the stock were exchanged, compared to its average volume of 1,493,100. The firm has a 50 day moving average of $36.73 and a 200 day moving average of $35.12. Legend Biotech Corporation Sponsored ADR has a twelve month low of $27.34 and a twelve month high of $59.62. 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 has a market cap of $6.85 billion, a PE ratio of -63.09 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data 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. 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 business's revenue for the quarter was up 107.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.16) earnings per share. On average, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Legend Biotech Company 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).