Wellington Management Group LLP trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 27.5% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 2,036,370 shares of the company's stock after selling 772,998 shares during the quarter. Wellington Management Group LLP owned 1.12% of Legend Biotech worth $99,232,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Avior Wealth Management LLC boosted its stake in shares of Legend Biotech by 3.0% in the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company's stock worth $541,000 after buying an additional 323 shares during the last quarter. Public Sector Pension Investment Board grew its stake in shares of Legend Biotech by 1.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company's stock worth $1,093,000 after purchasing an additional 400 shares during the period. Bridgewater Associates LP increased its holdings in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company's stock valued at $8,088,000 after purchasing an additional 516 shares in the last quarter. Sei Investments Co. lifted its stake in shares of Legend Biotech by 1.5% in the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company's stock valued at $2,059,000 after purchasing an additional 702 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in Legend Biotech by 0.6% during the first quarter. Vanguard Group Inc. now owns 129,359 shares of the company's stock worth $7,256,000 after buying an additional 738 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.
A number of research firms have weighed in on LEGN. Redburn Atlantic started coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a "buy" rating and a $86.00 price objective for the company. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday. Cantor Fitzgerald reissued an "overweight" rating and issued a $83.00 price objective on shares of Legend Biotech in a report on Monday. HC Wainwright reaffirmed a "buy" rating and set a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, November 13th. Finally, Scotiabank lifted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research note on Monday, August 12th. Thirteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average price target of $81.54.
Read Our Latest Stock Analysis on Legend Biotech
LEGN stock opened at $41.63 on Tuesday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The firm has a 50-day moving average of $43.80 and a two-hundred day moving average of $47.94. Legend Biotech Co. has a 12 month low of $36.92 and a 12 month high of $70.13. The company has a market cap of $7.64 billion, a price-to-earnings ratio of -43.82 and a beta of 0.08.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm's revenue was up 66.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.17) earnings per share. As a group, analysts forecast that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.
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).
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