Legend Biotech Co. (NASDAQ:LEGN) Position Decreased by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC reduced its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 10.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 953,565 shares of the company’s stock after selling 109,169 shares during the quarter. ArrowMark Colorado Holdings LLC’s holdings in Legend Biotech were worth $46,467,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in LEGN. Blue Trust Inc. boosted its stake in shares of Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after acquiring an additional 806 shares in the last quarter. AM Squared Ltd purchased a new position in Legend Biotech in the 2nd quarter worth about $71,000. Quantbot Technologies LP purchased a new position in shares of Legend Biotech in the third quarter worth approximately $148,000. California State Teachers Retirement System raised its holdings in shares of Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after acquiring an additional 2,216 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Legend Biotech in the 3rd quarter valued at approximately $212,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $42.07 on Monday. Legend Biotech Co. has a 1-year low of $36.92 and a 1-year high of $70.13. The firm has a fifty day simple moving average of $44.16 and a 200-day simple moving average of $48.01. 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 stock has a market capitalization of $7.72 billion, a price-to-earnings ratio of -44.28 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) 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 analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.17) earnings per share. On average, sell-side analysts expect that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms recently commented on LEGN. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Tuesday, October 29th. Scotiabank lifted their price target on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Redburn Atlantic initiated coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. Finally, HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, November 13th. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $81.46.

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).