Handelsinvest Investeringsforvaltning Sells 2,292 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Handelsinvest Investeringsforvaltning lowered its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 34.2% in the 1st quarter, Holdings Channel.com reports. The fund owned 4,415 shares of the company’s stock after selling 2,292 shares during the period. Handelsinvest Investeringsforvaltning’s holdings in Legend Biotech were worth $248,000 at the end of the most recent quarter.

Several other large investors have also recently modified their holdings of the business. Wellington Management Group LLP raised its stake in shares of Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after acquiring an additional 962,381 shares during the last quarter. Krane Funds Advisors LLC raised its stake in shares of Legend Biotech by 2.3% during the fourth quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after acquiring an additional 451 shares during the last quarter. Quarry LP acquired a new stake in shares of Legend Biotech during the fourth quarter worth $45,000. Altitude Crest Partners Inc. acquired a new stake in shares of Legend Biotech during the fourth quarter worth $32,601,000. Finally, Barometer Capital Management Inc. acquired a new stake in shares of Legend Biotech during the fourth quarter worth $120,000. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Up 0.3 %

Shares of NASDAQ LEGN traded up $0.12 during mid-day trading on Wednesday, reaching $44.86. 35,862 shares of the company’s stock traded hands, compared to its average volume of 1,062,542. The stock has a market cap of $8.18 billion, a P/E ratio of -34.42 and a beta of 0.11. The business has a 50-day simple moving average of $43.72 and a 200 day simple moving average of $53.48. Legend Biotech Co. has a 1-year low of $38.60 and a 1-year high of $77.32. The company has a debt-to-equity ratio of 0.25, a current ratio of 5.66 and a quick ratio of 5.57.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Monday, May 13th. The company reported ($0.16) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. The firm had revenue of $93.90 million during the quarter, compared to analysts’ expectations of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The business’s revenue was up 158.7% on a year-over-year basis. During the same period last year, the company earned ($0.40) earnings per share. On average, analysts expect that Legend Biotech Co. will post -1.93 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on LEGN. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a research report on Wednesday, April 17th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. BMO Capital Markets reiterated an “outperform” rating and set a $90.00 price objective on shares of Legend Biotech in a research report on Wednesday. Raymond James began coverage on shares of Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective for the company. Finally, Deutsche Bank Aktiengesellschaft started coverage on shares of Legend Biotech in a research report on Thursday, May 23rd. They set a “buy” rating and a $60.00 price objective for the company. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech has an average rating of “Buy” and a consensus price target of $82.31.

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).