US Bancorp DE Lowers Position in Legend Biotech Corporation Sponsored ADR $LEGN

US Bancorp DE reduced its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 64.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,713 shares of the company’s stock after selling 3,099 shares during the quarter. US Bancorp DE’s holdings in Legend Biotech were worth $58,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also bought and sold shares of the company. Suvretta Capital Management LLC bought a new stake in shares of Legend Biotech during the 4th quarter worth $113,767,000. Braidwell LP lifted its stake in Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after purchasing an additional 1,436,400 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Legend Biotech by 0.3% in the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company’s stock worth $77,030,000 after purchasing an additional 6,708 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock valued at $69,010,000 after purchasing an additional 84,405 shares during the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Legend Biotech during the 4th quarter valued at about $50,493,000. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Trading Down 0.1%

NASDAQ:LEGN opened at $37.45 on Tuesday. The company has a 50-day moving average price of $37.92 and a 200-day moving average price of $35.16. The stock has a market cap of $6.88 billion, a price-to-earnings ratio of -42.56 and a beta of 0.26. The company has a current ratio of 4.71, a quick ratio of 4.57 and a debt-to-equity ratio of 0.30. Legend Biotech Corporation Sponsored ADR has a 12 month low of $27.34 and a 12 month high of $59.62.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $255.06 million for the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The business’s revenue was up 36.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.05) earnings per share. Equities analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

A number of brokerages have recently weighed in on LEGN. Royal Bank Of Canada restated an “outperform” rating and issued a $77.00 price objective (up from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Truist Financial lowered their price target on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Cantor Fitzgerald raised Legend Biotech to a “strong-buy” rating in a research note on Monday, August 4th. Johnson Rice reiterated a “buy” rating on shares of Legend Biotech in a report on Thursday, July 17th. Finally, HC Wainwright restated a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a report on Thursday, July 17th. One research analyst has rated the stock with a hold rating, eight have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Legend Biotech presently has a consensus rating of “Buy” and an average target price of $72.38.

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).