Federated Hermes Inc. Decreases Position in Legend Biotech Co. (NASDAQ:LEGN)

Federated Hermes Inc. trimmed its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 2.2% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,725,972 shares of the company’s stock after selling 38,524 shares during the quarter. Federated Hermes Inc. owned approximately 0.95% of Legend Biotech worth $103,852,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of LEGN. BluePath Capital Management LLC purchased a new stake in shares of Legend Biotech in the third quarter worth approximately $32,000. American International Group Inc. bought a new position in Legend Biotech in the second quarter worth approximately $33,000. Lazard Asset Management LLC bought a new position in Legend Biotech in the fourth quarter worth approximately $33,000. Coppell Advisory Solutions LLC bought a new position in Legend Biotech in the second quarter worth approximately $41,000. Finally, Atlas Capital Advisors LLC bought a new position in Legend Biotech in the second quarter worth approximately $57,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $47.12 on Friday. Legend Biotech Co. has a twelve month low of $47.08 and a twelve month high of $77.32. The stock has a 50-day moving average of $59.61 and a 200 day moving average of $60.96. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The company had revenue of $76.50 million during the quarter, compared to analyst estimates of $95.63 million. Legend Biotech’s revenue for the quarter was up 177.2% on a year-over-year basis. As a group, equities research analysts expect that Legend Biotech Co. will post -1.43 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on the company. Raymond James assumed coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price on the stock. Cantor Fitzgerald assumed coverage on Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 target price on the stock. Barclays increased their target price on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday, January 24th. Scotiabank raised Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a research report on Wednesday. Finally, HC Wainwright reaffirmed a “buy” rating and set a $87.00 target price on shares of Legend Biotech in a research report on Tuesday. One equities research analyst has rated the stock with a hold rating and thirteen have given a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $82.70.

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).