Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company reduced its position in Legend Biotech Co. (NASDAQ:LEGN) by 84.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 86,410 shares of the company’s stock after selling 466,003 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Legend Biotech were worth $3,827,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings in Legend Biotech by 1.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock valued at $614,137,000 after buying an additional 140,904 shares in the last quarter. RA Capital Management L.P. boosted its holdings in Legend Biotech by 9.5% during the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after acquiring an additional 596,390 shares during the period. Wellington Management Group LLP boosted its holdings in Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after acquiring an additional 962,381 shares during the period. Westfield Capital Management Co. LP raised its position in Legend Biotech by 26.1% in the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors raised its position in Legend Biotech by 19.5% in the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after purchasing an additional 356,387 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Up 1.0 %

LEGN opened at $49.58 on Tuesday. Legend Biotech Co. has a 52 week low of $38.60 and a 52 week high of $70.78. The firm has a market cap of $9.04 billion, a P/E ratio of -38.14 and a beta of 0.10. The business’s fifty day simple moving average is $53.12 and its 200 day simple moving average is $49.94. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $125.25 million. During the same quarter last year, the firm earned ($0.27) earnings per share. The business’s revenue was up 154.4% on a year-over-year basis. As a group, equities research analysts anticipate that Legend Biotech Co. will post -1.46 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

LEGN has been the topic of a number of analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Monday, September 30th. BMO Capital Markets restated an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. Piper Sandler restated an “overweight” rating and set a $90.00 price objective on shares of Legend Biotech in a research report on Monday, June 17th. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Friday, September 27th. Finally, Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $81.78.

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).