Legend Biotech Co. (NASDAQ:LEGN) Shares Sold by ArrowMark Colorado Holdings LLC

ArrowMark Colorado Holdings LLC cut its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 10.3% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 953,565 shares of the company’s stock after selling 109,169 shares during the period. ArrowMark Colorado Holdings LLC owned about 0.52% of Legend Biotech worth $46,467,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Blue Trust Inc. increased its holdings in Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares during the last quarter. AM Squared Ltd acquired a new stake in Legend Biotech in the second quarter valued at $71,000. Quantbot Technologies LP bought a new position in Legend Biotech during the 3rd quarter valued at $148,000. California State Teachers Retirement System grew its holdings in Legend Biotech by 196.3% during the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock worth $188,000 after acquiring an additional 2,216 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in shares of Legend Biotech in the 3rd quarter worth about $212,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on LEGN shares. Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. HC Wainwright reaffirmed a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a report on Wednesday, November 13th. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th. Finally, Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target on the stock. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $81.46.

Legend Biotech Stock Down 2.5 %

Legend Biotech stock opened at $42.07 on Monday. The firm has a market capitalization of $7.72 billion, a P/E ratio of -44.28 and a beta of 0.11. The company has a 50-day simple moving average of $44.16 and a 200-day simple moving average of $48.01. Legend Biotech Co. has a one year low of $36.92 and a one year high of $70.13. 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 posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, topping the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.17) earnings per share. As a group, equities analysts expect that Legend Biotech Co. will post -1.23 earnings per share 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).