Capital International Sarl Decreases Stake in Legend Biotech Co. (NASDAQ:LEGN)

Capital International Sarl lessened its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 14.2% in the 4th quarter, HoldingsChannel reports. The fund owned 54,333 shares of the company’s stock after selling 9,005 shares during the period. Capital International Sarl’s holdings in Legend Biotech were worth $1,768,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Invesco Ltd. increased its holdings in 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 during the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Legend Biotech by 155.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock worth $48,991,000 after acquiring an additional 915,891 shares in the last quarter. Renaissance Technologies LLC increased its holdings in shares of Legend Biotech by 4,917.1% in the 4th quarter. Renaissance Technologies LLC now owns 908,100 shares of the company’s stock valued at $29,550,000 after acquiring an additional 890,000 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Legend Biotech by 176.0% during the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company’s stock worth $32,475,000 after acquiring an additional 636,390 shares in the last quarter. Finally, IvyRock Asset Management HK Ltd lifted its stake in Legend Biotech by 3,827.9% during the fourth quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company’s stock worth $8,691,000 after purchasing an additional 260,300 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on LEGN shares. Piper Sandler reissued an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. HC Wainwright reiterated a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a research note on Wednesday. Morgan Stanley decreased their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $32.80 on Friday. 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 company has a market cap of $6.02 billion, a PE ratio of -34.53 and a beta of 0.21. The company’s fifty day simple moving average is $35.03 and its 200-day simple moving average is $37.79. Legend Biotech Co. has a 52 week low of $29.27 and a 52 week high of $60.87.

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