The Manufacturers Life Insurance Company Reduces Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

The Manufacturers Life Insurance Company lessened its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 10.9% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 76,998 shares of the company’s stock after selling 9,412 shares during the period. The Manufacturers Life Insurance Company’s holdings in Legend Biotech were worth $3,752,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of LEGN. Massachusetts Financial Services Co. MA grew its position in shares of Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after buying an additional 314,449 shares during the last quarter. Point72 Asset Management L.P. purchased a new stake in Legend Biotech in the second quarter worth $13,487,000. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after acquiring an additional 266,296 shares in the last quarter. Magnetar Financial LLC purchased a new position in Legend Biotech during the 2nd quarter valued at $11,146,000. Finally, Ally Bridge Group NY LLC bought a new position in Legend Biotech in the 2nd quarter worth $8,637,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

LEGN opened at $41.54 on Friday. The firm has a market cap of $7.62 billion, a PE ratio of -43.73 and a beta of 0.08. The stock has a 50-day moving average price of $43.80 and a 200-day moving average price of $47.87. Legend Biotech Co. has a 1 year low of $36.92 and a 1 year high of $70.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same period in the previous year, the company earned ($0.17) earnings per share. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. Sell-side analysts predict that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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).