Braidwell LP Lowers Stock Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Braidwell LP lowered its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 7.7% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,541,551 shares of the company’s stock after selling 128,169 shares during the quarter. Legend Biotech makes up about 2.1% of Braidwell LP’s holdings, making the stock its 15th largest holding. Braidwell LP owned 0.85% of Legend Biotech worth $75,120,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in LEGN. Vanguard Group Inc. raised its holdings in shares of Legend Biotech by 0.6% during the first quarter. Vanguard Group Inc. now owns 129,359 shares of the company’s stock valued at $7,256,000 after acquiring an additional 738 shares during the last quarter. American International Group Inc. increased its holdings in shares of 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 purchasing an additional 300 shares during the last quarter. Advisors Asset Management Inc. increased its holdings in shares of Legend Biotech by 79.8% in the first quarter. Advisors Asset Management Inc. now owns 4,494 shares of the company’s stock valued at $252,000 after purchasing an additional 1,995 shares during the last quarter. California State Teachers Retirement System increased its holdings in shares of 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 purchasing an additional 2,216 shares during the last quarter. Finally, Harbor Capital Advisors Inc. increased its holdings in shares of Legend Biotech by 35.7% in the second quarter. Harbor Capital Advisors Inc. now owns 10,729 shares of the company’s stock valued at $475,000 after purchasing an additional 2,825 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on LEGN. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Wednesday, November 13th. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target for the company. Finally, Scotiabank increased 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. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech presently has an average rating of “Buy” and a consensus price target of $81.46.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $43.13 on Friday. The stock has a fifty day moving average price of $44.29 and a 200 day moving average price of $47.98. Legend Biotech Co. has a 12-month low of $36.92 and a 12-month high of $70.13. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last released its 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 firm had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s revenue was up 66.9% compared to the same quarter last year. During the same period last year, the business posted ($0.17) earnings per share. Equities analysts expect that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal 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).