abrdn plc Sells 2,211 Shares of Legend Biotech Co. (NASDAQ:LEGN)

abrdn plc cut its stake in Legend Biotech Co. (NASDAQ:LEGN) by 6.6% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 31,518 shares of the company’s stock after selling 2,211 shares during the period. abrdn plc’s holdings in Legend Biotech were worth $1,028,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Quantbot Technologies LP bought a new stake in shares of Legend Biotech in the third quarter valued at about $148,000. Blue Trust Inc. raised its holdings 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 acquiring an additional 5,478 shares in the last quarter. SG Americas Securities LLC bought a new stake in shares of Legend Biotech in the 3rd quarter worth approximately $212,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Legend Biotech during the 3rd quarter worth approximately $229,000. Finally, Aigen Investment Management LP bought a new stake in shares of Legend Biotech during the third quarter valued at approximately $300,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research analysts recently commented on LEGN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a report on Tuesday, January 21st. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Piper Sandler reissued an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Twelve equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and an average price target of $79.50.

Legend Biotech Stock Up 1.0 %

Shares of LEGN opened at $35.73 on Tuesday. The company has a market capitalization of $6.53 billion, a P/E ratio of -37.61 and a beta of 0.18. Legend Biotech Co. has a one year low of $30.17 and a one year high of $70.13. The business’s 50 day simple moving average is $35.53 and its 200-day simple moving average is $44.25. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million for the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter in the prior year, the business earned ($0.17) earnings per share. The business’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, sell-side analysts predict that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Legend Biotech Company 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).