Polar Capital Holdings Plc Cuts Position in Legend Biotech Co. (NASDAQ:LEGN)

Polar Capital Holdings Plc lessened its stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 23.0% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 381,873 shares of the company's stock after selling 114,365 shares during the period. Polar Capital Holdings Plc owned 0.21% of Legend Biotech worth $12,426,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in LEGN. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Legend Biotech by 12.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock worth $238,000 after acquiring an additional 835 shares in the last quarter. Aigen Investment Management LP raised its position in Legend Biotech by 19.6% during the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock worth $240,000 after buying an additional 1,206 shares during the last quarter. Rhumbline Advisers raised its position in Legend Biotech by 5.9% during the 4th quarter. Rhumbline Advisers now owns 27,638 shares of the company's stock worth $899,000 after buying an additional 1,544 shares during the last quarter. Signaturefd LLC raised its position in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after buying an additional 1,579 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in Legend Biotech by 10.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company's stock worth $564,000 after buying an additional 1,609 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LEGN. Morgan Stanley cut their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Truist Financial cut their target price on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $74.73.

Legend Biotech Price Performance

LEGN traded down $1.26 on Wednesday, hitting $28.81. 1,949,524 shares of the company's stock were exchanged, compared to its average volume of 1,287,589. Legend Biotech Co. has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average price of $33.13 and a 200-day moving average price of $35.58. The stock has a market cap of $5.29 billion, a price-to-earnings ratio of -30.37 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm's quarterly revenue was up 107.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.16) EPS. As a group, equities analysts anticipate 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).