Federated Hermes Inc. Grows Stock Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Federated Hermes Inc. grew its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 0.3% in the 2nd quarter, Holdings Channel.com reports. The firm owned 1,541,345 shares of the company’s stock after acquiring an additional 4,285 shares during the period. Federated Hermes Inc.’s holdings in Legend Biotech were worth $68,266,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in LEGN. Blue Trust Inc. lifted its holdings in shares of Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after purchasing an additional 806 shares during the last quarter. Quarry LP purchased a new position in shares of Legend Biotech during the fourth quarter valued at approximately $45,000. American International Group Inc. raised its holdings in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares during the last quarter. AM Squared Ltd purchased a new position in Legend Biotech in the 2nd quarter worth approximately $71,000. Finally, Barometer Capital Management Inc. purchased a new position in Legend Biotech in the 4th quarter worth approximately $120,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 0.8 %

NASDAQ:LEGN opened at $50.31 on Friday. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a 12 month low of $38.60 and a 12 month high of $70.78. The company has a market cap of $9.17 billion, a PE ratio of -38.70 and a beta of 0.11. The company has a 50 day simple moving average of $55.05 and a two-hundred day simple moving average of $51.88.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. During the same quarter in the previous year, the firm posted ($0.27) EPS. The company’s revenue for the quarter was up 154.4% compared to the same quarter last year. Research analysts forecast that Legend Biotech Co. will post -1.56 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages recently weighed in on LEGN. HC Wainwright restated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, August 28th. Scotiabank boosted their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Deutsche Bank Aktiengesellschaft began coverage on shares of Legend Biotech in a report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 price objective for the company. Piper Sandler restated an “overweight” rating and issued a $90.00 price objective on shares of Legend Biotech in a report on Monday, June 17th. Finally, Truist Financial began coverage on shares of Legend Biotech in a report on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective for the company. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and a consensus target price of $81.78.

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).