Krane Funds Advisors LLC Trims Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Krane Funds Advisors LLC lowered its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 9.2% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 17,044 shares of the company’s stock after selling 1,736 shares during the quarter. Krane Funds Advisors LLC’s holdings in Legend Biotech were worth $555,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in LEGN. Exane Asset Management purchased a new stake in shares of Legend Biotech during the 4th quarter valued at about $2,284,000. Matthews International Capital Management LLC raised its stake in Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after buying an additional 153,665 shares in the last quarter. Nordea Investment Management AB boosted its position in Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after purchasing an additional 33,024 shares in the last quarter. Franklin Resources Inc. acquired a new stake in Legend Biotech in the third quarter valued at approximately $12,837,000. Finally, Geode Capital Management LLC increased its position in Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after buying an additional 17,337 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

LEGN has been the subject of a number of research reports. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright boosted their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Finally, Morgan Stanley reduced their target price on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Legend Biotech currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Price Performance

Legend Biotech stock opened at $32.01 on Monday. The firm has a fifty day moving average of $36.12 and a 200-day moving average of $38.89. Legend Biotech Co. has a 52-week low of $29.28 and a 52-week high of $60.87. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $5.88 billion, a P/E ratio of -33.69 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. During the same period last year, the firm earned ($0.40) earnings per share. The company’s revenue for the quarter was up 134.6% compared to the same quarter last year. As a group, analysts predict that Legend Biotech Co. will post -1.31 EPS for the current 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).