E Fund Management Hong Kong Co. Ltd. Sells 4,716 Shares of Legend Biotech Co. (NASDAQ:LEGN)

E Fund Management Hong Kong Co. Ltd. lessened its stake in Legend Biotech Co. (NASDAQ:LEGN) by 8.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 53,710 shares of the company’s stock after selling 4,716 shares during the quarter. Legend Biotech makes up approximately 1.6% of E Fund Management Hong Kong Co. Ltd.’s portfolio, making the stock its 12th biggest holding. E Fund Management Hong Kong Co. Ltd.’s holdings in Legend Biotech were worth $2,617,000 at the end of the most recent reporting period.

Several other institutional investors have also bought and sold shares of LEGN. Blue Trust Inc. raised its position in shares of Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares during the period. American International Group Inc. raised its holdings in Legend Biotech by 50.0% during the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after acquiring an additional 300 shares during the period. AM Squared Ltd purchased a new stake in shares of Legend Biotech during the second quarter worth $71,000. California State Teachers Retirement System boosted its holdings in shares of Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after acquiring an additional 2,216 shares during the period. Finally, BNP Paribas bought a new position in shares of Legend Biotech in the first quarter worth $199,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

LEGN opened at $44.27 on Thursday. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. The stock’s 50 day simple moving average is $49.54 and its 200 day simple moving average is $48.72. The firm has a market cap of $8.07 billion, a price-to-earnings ratio of -56.76 and a beta of 0.10. Legend Biotech Co. has a 1 year low of $38.60 and a 1 year high of $70.13.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating the consensus estimate of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. The firm’s revenue for the quarter was up 154.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.27) EPS. As a group, analysts predict that Legend Biotech Co. will post -1.48 earnings per share for the current year.

Analyst Ratings Changes

A number of analysts recently issued reports on the company. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price objective on the stock. TD Cowen lowered their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 15th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, October 16th. Scotiabank upped their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday. Fourteen research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and an average target price of $82.08.

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).