Fmr LLC Sells 4,883,207 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Fmr LLC decreased its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 26.6% in the 4th quarter, Holdings Channel reports. The firm owned 13,447,012 shares of the company’s stock after selling 4,883,207 shares during the quarter. Fmr LLC owned 0.07% of Legend Biotech worth $437,566,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Exane Asset Management bought a new position in Legend Biotech during the 4th quarter worth approximately $2,284,000. Matthews International Capital Management LLC increased its stake in shares of Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock valued at $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Nordea Investment Management AB increased its stake in shares of Legend Biotech by 14.2% in the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after acquiring an additional 33,024 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Legend Biotech in the 3rd quarter valued at $12,837,000. Finally, Geode Capital Management LLC increased its stake in shares of Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after acquiring an additional 17,337 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

LEGN opened at $32.08 on Thursday. The firm has a market cap of $5.89 billion, a P/E ratio of -33.77 and a beta of 0.21. The firm has a 50-day moving average of $35.56 and a 200 day moving average of $38.42. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a fifty-two week low of $29.27 and a fifty-two week high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s quarterly revenue was up 134.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.40) earnings per share. On average, research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on LEGN. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Morgan Stanley lowered their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Piper Sandler reissued an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Finally, HC Wainwright reissued a “buy” rating and issued a $75.00 price target on shares of Legend Biotech in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $79.00.

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).