LMR Partners LLP Sells 57,200 Shares of Legend Biotech Co. (NASDAQ:LEGN)

LMR Partners LLP decreased its position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 46.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 67,200 shares of the company's stock after selling 57,200 shares during the quarter. LMR Partners LLP's holdings in Legend Biotech were worth $2,187,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Deerfield Management Company L.P. Series C bought a new position in Legend Biotech during the fourth quarter worth about $50,493,000. Braidwell LP raised its position in shares of Legend Biotech by 93.2% in the fourth 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. Invesco Ltd. raised its position in shares of Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after buying an additional 1,022,365 shares in the last quarter. Artisan Partners Limited Partnership raised its position in Legend Biotech by 155.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock valued at $48,991,000 after purchasing an additional 915,891 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in Legend Biotech by 4,917.1% during the fourth quarter. Renaissance Technologies LLC now owns 908,100 shares of the company's stock valued at $29,550,000 after purchasing an additional 890,000 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Truist Financial lowered their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Cantor Fitzgerald reiterated an "overweight" rating and set a $55.00 price objective on shares of Legend Biotech in a report on Wednesday. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, Morgan Stanley lowered their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, Legend Biotech currently has a consensus rating of "Moderate Buy" and an average target price of $74.73.

Legend Biotech Stock Performance

Shares of Legend Biotech stock traded up $0.09 on Friday, reaching $27.78. 1,681,230 shares of the company traded hands, compared to its average volume of 1,281,492. Legend Biotech Co. has a 52 week low of $27.34 and a 52 week high of $60.87. The company has a 50 day moving average of $33.47 and a 200 day moving average of $35.85. The firm has a market capitalization of $5.10 billion, a PE ratio of -29.24 and a beta of 0.20. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The firm had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Equities analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

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).