Sumitomo Mitsui Trust Group Inc. Sells 11,157 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Sumitomo Mitsui Trust Group Inc. lowered its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 6.4% in the second quarter, according to its most recent disclosure with the SEC. The firm owned 162,609 shares of the company’s stock after selling 11,157 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.09% of Legend Biotech worth $5,771,000 as of its most recent filing with the SEC.

Other institutional investors also recently made changes to their positions in the company. GAMMA Investing LLC boosted its holdings in shares of Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after acquiring an additional 765 shares during the period. Quarry LP bought a new stake in shares of Legend Biotech during the first quarter worth approximately $48,000. Brooklyn Investment Group boosted its holdings in shares of Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock worth $59,000 after acquiring an additional 1,583 shares during the period. GF Fund Management CO. LTD. boosted its holdings in shares of Legend Biotech by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock worth $71,000 after acquiring an additional 377 shares during the period. Finally, Allostery Investments LP bought a new stake in shares of Legend Biotech during the first quarter worth approximately $161,000. Institutional investors own 70.89% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the company. HC Wainwright reduced their price objective on Legend Biotech from $75.00 to $60.00 and set a “buy” rating for the company in a report on Friday, October 17th. JPMorgan Chase & Co. reduced their price objective on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a report on Thursday, October 9th. Royal Bank Of Canada restated an “outperform” rating and set a $77.00 price objective (up previously from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Weiss Ratings restated a “sell (d-)” rating on shares of Legend Biotech in a report on Wednesday, October 8th. Finally, Morgan Stanley lifted their price target on shares of Legend Biotech from $81.00 to $83.00 and gave the company an “overweight” rating in a research report on Tuesday, August 12th. Nine analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $66.56.

Legend Biotech Stock Down 1.4%

NASDAQ LEGN opened at $32.13 on Thursday. 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 1-year low of $27.34 and a 1-year high of $47.79. The company has a 50 day moving average of $33.43 and a 200-day moving average of $34.48. The company has a market cap of $5.93 billion, a price-to-earnings ratio of -36.51 and a beta of 0.23.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The business had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. During the same quarter in the previous year, the firm posted ($0.05) earnings per share. The firm’s quarterly revenue was up 36.8% on a year-over-year basis. On average, equities research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal 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).