Mirae Asset Global Investments Co. Ltd. Sells 13,850 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Mirae Asset Global Investments Co. Ltd. decreased its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 48.5% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,699 shares of the company’s stock after selling 13,850 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Legend Biotech were worth $479,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. Quantbot Technologies LP purchased a new position in Legend Biotech in the third quarter worth about $148,000. SG Americas Securities LLC bought a new position in Legend Biotech in the third quarter worth approximately $212,000. Public Employees Retirement System of Ohio acquired a new position in shares of Legend Biotech during the third quarter worth $229,000. Blue Trust Inc. increased its position in shares of Legend Biotech by 1,513.3% during the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after purchasing an additional 5,478 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new stake in shares of Legend Biotech during the third quarter valued at $300,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

LEGN has been the topic of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Tuesday, January 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Twelve analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and a consensus price target of $79.50.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $35.87 on Thursday. The company’s fifty day moving average price is $35.20 and its 200 day moving average price is $43.93. Legend Biotech Co. has a 12 month low of $30.17 and a 12 month 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. The firm has a market capitalization of $6.55 billion, a P/E ratio of -37.76 and a beta of 0.18.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. As a group, sell-side analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

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).