NEOS Investment Management LLC Reduces Stock Holdings in Legend Biotech Co. (NASDAQ:LEGN)

NEOS Investment Management LLC reduced its position in Legend Biotech Co. (NASDAQ:LEGN) by 52.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 11,362 shares of the company’s stock after selling 12,537 shares during the quarter. NEOS Investment Management LLC’s holdings in Legend Biotech were worth $370,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently made changes to their positions in the company. Signaturefd LLC raised its stake in Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares during the period. OFI Invest Asset Management purchased a new stake in shares of Legend Biotech during the 4th quarter valued at approximately $77,000. Quantbot Technologies LP bought a new position in Legend Biotech in the 3rd quarter worth approximately $148,000. Blue Trust Inc. grew its stake in Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after buying an additional 5,478 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Legend Biotech during the 3rd quarter valued at $229,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

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

Legend Biotech Stock Down 3.2 %

LEGN opened at $33.93 on Tuesday. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The business’s fifty day simple moving average is $36.47 and its 200 day simple moving average is $39.40. Legend Biotech Co. has a 52 week low of $30.17 and a 52 week high of $60.87. The stock has a market cap of $6.23 billion, a PE ratio of -35.72 and a beta of 0.19.

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