Schroder Investment Management Group Sells 37,983 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Schroder Investment Management Group lessened its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 16.7% in the second quarter, Holdings Channel reports. The institutional investor owned 190,017 shares of the company’s stock after selling 37,983 shares during the quarter. Schroder Investment Management Group’s holdings in Legend Biotech were worth $6,744,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Rhumbline Advisers grew its position in Legend Biotech by 1.4% during the first quarter. Rhumbline Advisers now owns 28,029 shares of the company’s stock worth $951,000 after buying an additional 391 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Legend Biotech by 1.1% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company’s stock worth $1,887,000 after acquiring an additional 579 shares in the last quarter. Quarry LP purchased a new position in Legend Biotech in the 1st quarter worth $48,000. Brooklyn Investment Group increased its holdings in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after buying an additional 1,583 shares during the period. Finally, Virtus Investment Advisers LLC lifted its position in Legend Biotech by 15.9% in the second quarter. Virtus Investment Advisers LLC now owns 11,722 shares of the company’s stock valued at $416,000 after purchasing an additional 1,606 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

NASDAQ LEGN opened at $27.81 on Friday. The company has a quick ratio of 2.80, a current ratio of 2.86 and a debt-to-equity ratio of 0.17. The firm has a market capitalization of $5.14 billion, a P/E ratio of -42.78 and a beta of 0.09. The company has a 50-day moving average price of $30.96 and a 200-day moving average price of $33.95. Legend Biotech Corporation Sponsored ADR has a 52 week low of $25.71 and a 52 week high of $45.30.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.02. The company had revenue of $272.33 million during the quarter, compared to analyst estimates of $277.91 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The firm’s quarterly revenue was up 70.0% compared to the same quarter last year. During the same period in the previous year, the business posted ($0.34) earnings per share. Equities research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Analyst Ratings Changes

LEGN has been the subject of several recent analyst reports. Cantor Fitzgerald upped their price objective on shares of Legend Biotech from $66.00 to $75.00 and gave the company an “overweight” rating in a research note on Thursday, November 13th. HC Wainwright reaffirmed a “buy” rating on shares of Legend Biotech in a research report on Wednesday, November 26th. Weiss Ratings restated a “sell (d-)” rating on shares of Legend Biotech in a report on Monday. Morgan Stanley lifted their target price on shares of Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a report on Tuesday, August 12th. Finally, Barclays lowered their price objective on Legend Biotech from $94.00 to $90.00 and set an “overweight” rating for the company in a research note on Thursday, November 13th. Ten equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, Legend Biotech currently has an average rating of “Moderate Buy” and an average target price of $72.10.

Legend Biotech 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).