Wellington Management Group LLP Trims Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Wellington Management Group LLP trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 27.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,036,370 shares of the company’s stock after selling 772,998 shares during the period. Wellington Management Group LLP’s holdings in Legend Biotech were worth $99,232,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of Legend Biotech by 10,075.0% in the 2nd 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. AM Squared Ltd acquired a new position in Legend Biotech in the second quarter valued at about $71,000. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech during the third quarter valued at about $148,000. California State Teachers Retirement System raised its stake in shares of Legend Biotech by 196.3% in the 1st quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after acquiring an additional 2,216 shares during the period. Finally, SG Americas Securities LLC acquired a new position in shares of Legend Biotech in the 3rd quarter worth approximately $212,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Up 0.2 %

NASDAQ LEGN opened at $41.63 on Tuesday. Legend Biotech Co. has a 52 week low of $36.92 and a 52 week high of $70.13. The firm has a 50 day moving average of $43.80 and a two-hundred day moving average of $47.94. 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 stock has a market capitalization of $7.64 billion, a PE ratio of -43.82 and a beta of 0.08.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million for the quarter, compared to analysts’ expectations 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 quarterly revenue was up 66.9% on a year-over-year basis. During the same period last year, the firm earned ($0.17) earnings per share. As a group, research analysts expect that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on LEGN. Scotiabank lifted their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research note on Monday. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $81.54.

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).