E Fund Management Hong Kong Co. Ltd. Trims Position in Legend Biotech Corporation Sponsored ADR $LEGN

E Fund Management Hong Kong Co. Ltd. cut its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 12.7% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 26,132 shares of the company’s stock after selling 3,796 shares during the quarter. Legend Biotech comprises 0.9% of E Fund Management Hong Kong Co. Ltd.’s portfolio, making the stock its 14th biggest position. E Fund Management Hong Kong Co. Ltd.’s holdings in Legend Biotech were worth $927,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock worth $44,000 after buying an additional 765 shares during the last quarter. Harbor Capital Advisors Inc. raised its position in Legend Biotech by 26.6% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 50,056 shares of the company’s stock worth $1,776,000 after buying an additional 10,519 shares during the last quarter. Voya Investment Management LLC acquired a new stake in shares of Legend Biotech during the 1st quarter worth approximately $537,000. Advisors Asset Management Inc. grew its stake in shares of Legend Biotech by 193.5% during the 1st quarter. Advisors Asset Management Inc. now owns 19,825 shares of the company’s stock worth $673,000 after purchasing an additional 13,070 shares during the period. Finally, Alliancebernstein L.P. grew its stake in shares of Legend Biotech by 2.2% during the 1st quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company’s stock worth $51,175,000 after purchasing an additional 32,101 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Trading Up 2.5%

Shares of LEGN opened at $32.21 on Thursday. Legend Biotech Corporation Sponsored ADR has a 52-week low of $27.34 and a 52-week high of $51.77. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. The firm’s fifty day moving average is $34.94 and its two-hundred day moving average is $34.51. The stock has a market cap of $5.94 billion, a PE ratio of -36.60 and a beta of 0.23.

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

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on LEGN. JPMorgan Chase & Co. raised their price objective on shares of Legend Biotech from $77.00 to $78.00 and gave the stock an “overweight” rating in a research note on Monday, August 25th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research note on Tuesday. They set an “overweight” rating and a $40.00 price objective on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price objective on shares of Legend Biotech in a research note on Thursday, July 17th. Finally, Johnson Rice reaffirmed a “buy” rating on shares of Legend Biotech in a research note on Thursday, July 17th. Nine equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $69.50.

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).