Legend Biotech Co. (NASDAQ:LEGN) Stock Position Decreased by Krane Funds Advisors LLC

Krane Funds Advisors LLC trimmed its stake in Legend Biotech Co. (NASDAQ:LEGN) by 9.2% during the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,044 shares of the company’s stock after selling 1,736 shares during the period. Krane Funds Advisors LLC’s holdings in Legend Biotech were worth $555,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of LEGN. Exane Asset Management acquired a new position in Legend Biotech in the 4th quarter valued at approximately $2,284,000. Matthews International Capital Management LLC increased its stake in shares of Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock valued at $38,577,000 after buying an additional 153,665 shares in the last quarter. Nordea Investment Management AB raised its stake in shares of Legend Biotech by 14.2% in the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock worth $8,684,000 after acquiring an additional 33,024 shares during the last quarter. Franklin Resources Inc. acquired a new position in Legend Biotech during the 3rd quarter worth $12,837,000. Finally, Geode Capital Management LLC lifted its stake in shares of Legend Biotech by 3.6% during the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after acquiring an additional 17,337 shares during the period. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on LEGN. HC Wainwright boosted their target price on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley dropped their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Finally, Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Stock Performance

NASDAQ:LEGN opened at $32.01 on Monday. The business’s 50-day moving average price is $36.12 and its two-hundred day moving average price is $38.89. The stock has a market cap of $5.88 billion, a P/E ratio of -33.69 and a beta of 0.21. Legend Biotech Co. has a twelve month low of $29.28 and a twelve month high of $60.87. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.46. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s revenue was up 134.6% on a year-over-year basis. During the same period in the prior year, the business posted ($0.40) earnings per share. As a group, equities analysts predict that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

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).