Daiwa Securities Group Inc. Has $156,000 Stake in Legend Biotech Co. (NASDAQ:LEGN)

Daiwa Securities Group Inc. lowered its stake in Legend Biotech Co. (NASDAQ:LEGN) by 9.3% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 3,207 shares of the company’s stock after selling 330 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Legend Biotech were worth $156,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in LEGN. Blue Trust Inc. boosted its stake in shares of Legend Biotech by 10,075.0% during 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 in the last quarter. AM Squared Ltd bought a new position in Legend Biotech in the 2nd quarter valued at approximately $71,000. California State Teachers Retirement System boosted its position in Legend Biotech by 196.3% during the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after buying an additional 2,216 shares during the period. SG Americas Securities LLC bought a new stake in Legend Biotech during the 3rd quarter worth approximately $212,000. Finally, Aigen Investment Management LP acquired a new position in Legend Biotech in the 3rd quarter valued at approximately $300,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on LEGN shares. HC Wainwright reiterated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a report on Wednesday, November 13th. Redburn Atlantic started coverage on Legend Biotech in a report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Finally, Scotiabank raised their price objective on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $81.46.

Legend Biotech Price Performance

Legend Biotech stock opened at $42.07 on Monday. The stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of -44.28 and a beta of 0.11. Legend Biotech Co. has a 52-week low of $36.92 and a 52-week high of $70.13. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The stock’s 50 day moving average price is $44.16 and its two-hundred day moving average price is $48.01.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same period in the prior year, the firm earned ($0.17) earnings per share. Legend Biotech’s revenue was up 66.9% on a year-over-year basis. On average, equities analysts predict that Legend Biotech Co. will post -1.23 earnings per share for the current year.

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).