Stifel Financial Corp Sells 3,635 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Stifel Financial Corp lowered its stake in Legend Biotech Co. (NASDAQ:LEGN) by 16.5% during the third quarter, HoldingsChannel.com reports. The firm owned 18,410 shares of the company’s stock after selling 3,635 shares during the period. Stifel Financial Corp’s holdings in Legend Biotech were worth $897,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. AM Squared Ltd acquired a new position in Legend Biotech in the second quarter valued at about $71,000. Quantbot Technologies LP bought a new position in shares of Legend Biotech during the 3rd quarter valued at about $148,000. SG Americas Securities LLC acquired a new position in shares of Legend Biotech in the 3rd quarter valued at approximately $212,000. Aigen Investment Management LP acquired a new position in shares of Legend Biotech in the 3rd quarter valued at approximately $300,000. Finally, Dynamic Technology Lab Private Ltd bought a new stake in Legend Biotech during the 3rd quarter worth approximately $306,000. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on LEGN shares. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, December 10th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Redburn Atlantic initiated coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target on the stock. Thirteen 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 $81.54.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $32.80 on Wednesday. The company has a 50-day simple moving average of $40.83 and a two-hundred day simple moving average of $47.44. Legend Biotech Co. has a twelve month low of $32.08 and a twelve month high of $70.13. The stock has a market capitalization of $5.99 billion, a price-to-earnings ratio of -34.53 and a beta of 0.08. 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 (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm’s quarterly revenue was up 66.9% on a year-over-year basis. During the same period in the previous year, the business earned ($0.17) earnings per share. Analysts forecast that Legend Biotech Co. will post -1.23 EPS for the current 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).