Legend Biotech Corporation Sponsored ADR $LEGN Shares Sold by Westfield Capital Management Co. LP

Westfield Capital Management Co. LP lowered its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 6.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 6,472,547 shares of the company’s stock after selling 445,020 shares during the period. Legend Biotech accounts for 1.0% of Westfield Capital Management Co. LP’s holdings, making the stock its 20th biggest position. Westfield Capital Management Co. LP owned 3.52% of Legend Biotech worth $229,711,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Artisan Partners Limited Partnership raised its stake in Legend Biotech by 87.5% in the 2nd quarter. Artisan Partners Limited Partnership now owns 2,122,268 shares of the company’s stock worth $75,319,000 after acquiring an additional 990,500 shares during the last quarter. Alliancebernstein L.P. increased its holdings in shares of Legend Biotech by 2.2% in the first quarter. Alliancebernstein L.P. now owns 1,508,252 shares of the company’s stock valued at $51,175,000 after purchasing an additional 32,101 shares during the period. Matthews International Capital Management LLC raised its stake in shares of Legend Biotech by 17.3% in the second quarter. Matthews International Capital Management LLC now owns 1,293,052 shares of the company’s stock worth $45,890,000 after purchasing an additional 191,165 shares during the last quarter. IvyRock Asset Management HK Ltd lifted its holdings in shares of Legend Biotech by 216.0% during the first quarter. IvyRock Asset Management HK Ltd now owns 844,000 shares of the company’s stock worth $28,637,000 after purchasing an additional 576,900 shares during the period. Finally, Hsbc Holdings PLC boosted its position in Legend Biotech by 10.3% in the first quarter. Hsbc Holdings PLC now owns 429,589 shares of the company’s stock valued at $14,575,000 after buying an additional 40,176 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 4.8%

Shares of LEGN opened at $28.00 on Thursday. The company has a current ratio of 2.86, a quick ratio of 2.80 and a debt-to-equity ratio of 0.17. The firm has a market cap of $5.17 billion, a P/E ratio of -43.08 and a beta of 0.17. The stock’s 50 day moving average is $32.34 and its two-hundred day moving average is $34.22. Legend Biotech Corporation Sponsored ADR has a 12 month low of $27.34 and a 12 month high of $45.30.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Wednesday, November 12th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.02. The firm had revenue of $272.33 million for the quarter, compared to analysts’ expectations of $277.91 million. Legend Biotech had a negative net margin of 26.37% and a negative return on equity of 24.47%. The firm’s revenue for the quarter was up 70.0% compared to the same quarter last year. During the same quarter last year, the company earned ($0.34) EPS. Analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on LEGN shares. Johnson Rice set a $60.00 price objective on shares of Legend Biotech in a report on Friday, October 17th. Morgan Stanley increased their price target on Legend Biotech from $81.00 to $83.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 12th. HC Wainwright lowered their target price on Legend Biotech from $75.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday, October 17th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Legend Biotech in a research report on Wednesday, October 8th. Finally, Cantor Fitzgerald upped their price objective on Legend Biotech from $66.00 to $75.00 and gave the stock an “overweight” rating in a research report on Thursday, November 13th. Ten equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $72.10.

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).