Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by Braidwell LP

Braidwell LP cut its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 7.7% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,541,551 shares of the company’s stock after selling 128,169 shares during the period. Legend Biotech comprises about 2.1% of Braidwell LP’s holdings, making the stock its 15th largest position. Braidwell LP’s holdings in Legend Biotech were worth $75,120,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of LEGN. Blue Trust Inc. raised its stake in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after buying an additional 806 shares in the last quarter. American International Group Inc. raised its stake in Legend Biotech by 50.0% in the first quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after buying an additional 300 shares in the last quarter. AM Squared Ltd acquired a new stake in Legend Biotech in the second quarter valued at $71,000. Quantbot Technologies LP acquired a new stake in Legend Biotech in the third quarter valued at $148,000. Finally, California State Teachers Retirement System raised its stake in Legend Biotech by 196.3% in the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after buying an additional 2,216 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Scotiabank raised their price target on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. 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. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Tuesday, October 29th. Finally, HC Wainwright reiterated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research report on Wednesday, November 13th. Thirteen equities 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 an average target price of $81.46.

Legend Biotech Trading Up 1.3 %

Shares of LEGN stock opened at $43.13 on Friday. Legend Biotech Co. has a 52-week low of $36.92 and a 52-week high of $70.13. The stock’s 50-day moving average price is $44.29 and its 200 day moving average price is $47.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 66.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.17) EPS. Analysts predict that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

About Legend Biotech

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).