Daiwa Securities Group Inc. Reduces Stake in Legend Biotech Co. (NASDAQ:LEGN)

Daiwa Securities Group Inc. lowered its position in Legend Biotech Co. (NASDAQ:LEGN) by 44.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 3,537 shares of the company’s stock after selling 2,822 shares during the period. Daiwa Securities Group Inc.’s holdings in Legend Biotech were worth $157,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently bought and sold shares of the company. Blue Trust Inc. boosted its position in 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 buying an additional 806 shares during the last quarter. Quarry LP acquired a new position in Legend Biotech in the fourth quarter valued at approximately $45,000. American International Group Inc. lifted its holdings in Legend Biotech by 50.0% in the first 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 acquired a new position in Legend Biotech in the second quarter valued at approximately $71,000. Finally, Barometer Capital Management Inc. acquired a new position in Legend Biotech in the fourth quarter valued at approximately $120,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Down 0.2 %

NASDAQ LEGN opened at $51.17 on Wednesday. The business has a fifty day moving average price of $55.21 and a 200 day moving average price of $51.45. Legend Biotech Co. has a one year low of $38.60 and a one year high of $70.78. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The company has a market cap of $9.33 billion, a P/E ratio of -39.36 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating the consensus estimate of ($0.54) by $0.49. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm’s revenue was up 154.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.27) EPS. Research analysts anticipate that Legend Biotech Co. will post -1.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on LEGN shares. BMO Capital Markets reissued an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. Truist Financial started coverage on Legend Biotech in a report on Monday, June 17th. They issued a “buy” rating and a $88.00 price target for the company. TD Cowen decreased their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a report on Monday, July 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, August 12th. Finally, Scotiabank upped their target price on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and a consensus 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).