Legend Biotech Co. (NASDAQ:LEGN) Stake Reduced by Stifel Financial Corp

Stifel Financial Corp trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 16.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 18,410 shares of the company’s stock after selling 3,635 shares during the quarter. Stifel Financial Corp’s holdings in Legend Biotech were worth $897,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in LEGN. Westfield Capital Management Co. LP lifted its stake in Legend Biotech by 5.6% during 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 purchasing an additional 266,296 shares during the last quarter. Hsbc Holdings PLC increased its holdings in shares of Legend Biotech by 9.9% in the second quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock valued at $10,296,000 after buying an additional 20,910 shares in the last quarter. Empire Life Investments Inc. lifted its position in shares of Legend Biotech by 75.2% during the 3rd quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock valued at $4,809,000 after acquiring an additional 42,368 shares during the last quarter. Vestal Point Capital LP bought a new stake in shares of Legend Biotech during the 3rd quarter worth $6,091,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its holdings in shares of Legend Biotech by 9.0% in the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock worth $8,636,000 after acquiring an additional 14,672 shares during the last quarter. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $32.80 on Wednesday. The firm has a market cap of $5.99 billion, a price-to-earnings ratio of -34.53 and a beta of 0.08. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 1-year low of $32.08 and a 1-year high of $70.13. The company has a 50 day moving average of $40.83 and a 200-day moving average of $47.44.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates 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 firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) EPS. The company’s revenue was up 66.9% on a year-over-year basis. On average, equities analysts forecast that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently weighed in on LEGN. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, December 10th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and a consensus target price of $81.54.

About Legend Biotech

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).