Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. lowered its stake in Legend Biotech Co. (NASDAQ:LEGN) by 2.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 173,766 shares of the company’s stock after selling 3,461 shares during the quarter. Sumitomo Mitsui Trust Group Inc. owned about 0.10% of Legend Biotech worth $5,654,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of the stock. SG Americas Securities LLC bought a new stake in Legend Biotech in the third quarter worth about $212,000. abrdn plc raised its position in Legend Biotech by 110.4% in the third quarter. abrdn plc now owns 33,729 shares of the company’s stock worth $1,628,000 after acquiring an additional 17,696 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in Legend Biotech by 63.7% in the third quarter. China Universal Asset Management Co. Ltd. now owns 15,711 shares of the company’s stock worth $766,000 after acquiring an additional 6,114 shares in the last quarter. Empire Life Investments Inc. raised its position in Legend Biotech by 75.2% in the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after acquiring an additional 42,368 shares in the last quarter. Finally, National Pension Service raised its position in Legend Biotech by 4.3% in the third quarter. National Pension Service now owns 23,535 shares of the company’s stock worth $1,147,000 after acquiring an additional 961 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Ratings Changes

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

Legend Biotech Trading Up 1.4 %

NASDAQ:LEGN opened at $36.39 on Friday. 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 Co. has a fifty-two week low of $30.17 and a fifty-two week high of $70.13. The stock’s 50-day moving average is $35.07 and its two-hundred day moving average is $43.88. The stock has a market cap of $6.65 billion, a PE ratio of -38.30 and a beta of 0.18.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating 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 previous year, the business posted ($0.17) EPS. The business’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, equities research analysts forecast that Legend Biotech Co. will post -1.31 earnings per share 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).