E Fund Management Hong Kong Co. Ltd. Sells 4,716 Shares of Legend Biotech Co. (NASDAQ:LEGN)

E Fund Management Hong Kong Co. Ltd. decreased its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 8.1% during the third quarter, HoldingsChannel reports. The firm owned 53,710 shares of the company’s stock after selling 4,716 shares during the quarter. Legend Biotech accounts for approximately 1.6% of E Fund Management Hong Kong Co. Ltd.’s holdings, making the stock its 12th biggest position. E Fund Management Hong Kong Co. Ltd.’s holdings in Legend Biotech were worth $2,617,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. increased its holdings in shares of Legend Biotech by 0.9% during the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 164,573 shares of the company’s stock valued at $9,231,000 after acquiring an additional 1,443 shares in the last quarter. BNP Paribas bought a new position in Legend Biotech during the first quarter valued at approximately $199,000. Nordea Investment Management AB bought a new position in shares of Legend Biotech during the 1st quarter valued at $843,000. Daiwa Securities Group Inc. boosted its position in Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock worth $356,000 after purchasing an additional 527 shares during the last quarter. Finally, TimesSquare Capital Management LLC boosted its holdings in shares of Legend Biotech by 8.7% in the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock worth $64,980,000 after buying an additional 92,611 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the company. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. BMO Capital Markets reaffirmed an “outperform” rating and issued a $90.00 price objective on shares of Legend Biotech in a research note on Wednesday, July 3rd. Scotiabank boosted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. TD Cowen cut their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Finally, HC Wainwright reiterated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, October 16th. Fourteen investment analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech currently has an average rating of “Buy” and a consensus price target of $82.08.

Legend Biotech Trading Down 2.6 %

NASDAQ:LEGN opened at $44.27 on Thursday. The firm has a market cap of $8.07 billion, a PE ratio of -56.76 and a beta of 0.10. The stock has a fifty day moving average price of $49.54 and a 200 day moving average price of $48.72. Legend Biotech Co. has a 12-month low of $38.60 and a 12-month high of $70.13. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. During the same period in the previous year, the business earned ($0.27) EPS. Legend Biotech’s revenue for the quarter was up 154.4% on a year-over-year basis. Sell-side analysts anticipate that Legend Biotech Co. will post -1.48 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).