PNC Financial Services Group Inc. Cuts Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

PNC Financial Services Group Inc. trimmed its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 38.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,678 shares of the company’s stock after selling 1,059 shares during the period. PNC Financial Services Group Inc.’s holdings in Legend Biotech were worth $55,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the stock. Exane Asset Management purchased a new position in Legend Biotech in the 4th quarter valued at $2,284,000. Matthews International Capital Management LLC grew its position in shares of Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock valued at $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Legend Biotech by 14.2% in the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after purchasing an additional 33,024 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Legend Biotech in the 3rd quarter valued at $12,837,000. Finally, Geode Capital Management LLC increased its position in Legend Biotech by 3.6% during the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Ratings Changes

LEGN has been the subject of several recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Morgan Stanley decreased their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Finally, HC Wainwright boosted their target price on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Stock Performance

Shares of LEGN opened at $34.67 on Thursday. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 52-week low of $30.17 and a 52-week high of $60.87. The company has a 50-day simple moving average of $36.31 and a 200-day simple moving average of $39.80. The company has a market capitalization of $6.37 billion, a PE ratio of -36.49 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. During the same period last year, the company posted ($0.40) earnings per share. The firm’s quarterly revenue was up 134.6% compared to the same quarter last year. Equities research analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

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).