Canada Pension Plan Investment Board Cuts Stake in Legend Biotech Co. (NASDAQ:LEGN)

Canada Pension Plan Investment Board lowered its position in Legend Biotech Co. (NASDAQ:LEGNFree Report) by 2.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 457,490 shares of the company’s stock after selling 9,100 shares during the period. Canada Pension Plan Investment Board owned approximately 0.28% of Legend Biotech worth $30,730,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. E Fund Management Hong Kong Co. Ltd. increased its stake in Legend Biotech by 197.1% in the first quarter. E Fund Management Hong Kong Co. Ltd. now owns 26,523 shares of the company’s stock worth $1,079,000 after purchasing an additional 17,596 shares during the period. Bank of New York Mellon Corp lifted its holdings in Legend Biotech by 19.2% during the 1st quarter. Bank of New York Mellon Corp now owns 37,900 shares of the company’s stock valued at $1,377,000 after buying an additional 6,100 shares in the last quarter. Panagora Asset Management Inc. purchased a new stake in Legend Biotech in the 1st quarter valued at about $432,000. BlackRock Inc. boosted its position in Legend Biotech by 26.6% in the 1st quarter. BlackRock Inc. now owns 3,046,229 shares of the company’s stock valued at $110,701,000 after buying an additional 639,828 shares during the period. Finally, APG Asset Management N.V. bought a new position in Legend Biotech in the 1st quarter worth about $353,000. Hedge funds and other institutional investors own 49.61% of the company’s stock.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $60.97 on Friday. Legend Biotech Co. has a 1 year low of $42.90 and a 1 year high of $77.32. The company has a debt-to-equity ratio of 0.21, a current ratio of 8.61 and a quick ratio of 8.51. The firm has a fifty day moving average price of $59.21 and a 200 day moving average price of $64.13.

Legend Biotech (NASDAQ:LEGNGet Free Report) last released its quarterly earnings data on Monday, November 20th. The company reported ($0.17) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.14. The business had revenue of $96.00 million during the quarter, compared to analyst estimates of $97.25 million. Legend Biotech had a negative return on equity of 40.03% and a negative net margin of 207.24%. The company’s revenue was up 250.4% compared to the same quarter last year. Equities research analysts anticipate that Legend Biotech Co. will post -2.47 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and set a $87.00 price target on shares of Legend Biotech in a research note on Friday, December 22nd. Scotiabank started coverage on Legend Biotech in a research note on Tuesday, December 19th. They issued a “sector perform” rating and a $65.00 price target for the company. Barclays boosted their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Finally, The Goldman Sachs Group began coverage on shares of Legend Biotech in a research note on Monday, November 6th. They set a “buy” rating and a $90.09 price objective for the company. Two analysts have rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $82.41.

Get Our Latest Stock Report on LEGN

About Legend Biotech

(Free Report)

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).

See Also

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Institutional Ownership by Quarter for Legend Biotech (NASDAQ:LEGN)

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