Senator Investment Group LP Trims Position in Legend Biotech Co. (NASDAQ:LEGN)

Senator Investment Group LP lowered its stake in Legend Biotech Co. (NASDAQ:LEGN) by 6.1% during the 2nd quarter, HoldingsChannel.com reports. The fund owned 155,000 shares of the company’s stock after selling 10,000 shares during the quarter. Senator Investment Group LP’s holdings in Legend Biotech were worth $6,865,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Daiwa Securities Group Inc. raised its stake in Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock worth $356,000 after buying an additional 527 shares in the last quarter. TimesSquare Capital Management LLC raised its position in shares of Legend Biotech by 8.7% in the 1st quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock worth $64,980,000 after acquiring an additional 92,611 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in shares of Legend Biotech by 21.0% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock valued at $2,949,000 after purchasing an additional 9,122 shares during the period. Hsbc Holdings PLC boosted its position in shares of Legend Biotech by 312.1% during the fourth quarter. Hsbc Holdings PLC now owns 196,715 shares of the company’s stock valued at $11,836,000 after purchasing an additional 148,985 shares in the last quarter. Finally, Susquehanna Fundamental Investments LLC purchased a new stake in Legend Biotech in the first quarter worth $1,949,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Trading Up 5.2 %

Shares of LEGN stock opened at $49.27 on Monday. The firm’s 50 day moving average is $54.17 and its 200 day moving average is $50.48. The stock has a market capitalization of $8.98 billion, a P/E ratio of -37.90 and a beta of 0.11. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a 12-month low of $38.60 and a 12-month high of $70.78.

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

Wall Street Analysts Forecast Growth

Several brokerages have commented on LEGN. Truist Financial initiated coverage on Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 price objective for the company. BMO Capital Markets reissued an “outperform” rating and set a $90.00 price objective on shares of Legend Biotech in a research note on Wednesday, July 3rd. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research note on Monday, June 17th. HC Wainwright reiterated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Monday. Finally, TD Cowen cut their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and an average target price of $81.78.

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).