E Fund Management Hong Kong Co. Ltd. Has $1.40 Million Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

E Fund Management Hong Kong Co. Ltd. reduced its stake in Legend Biotech Co. (NASDAQ:LEGN) by 19.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 43,080 shares of the company’s stock after selling 10,630 shares during the period. Legend Biotech accounts for approximately 1.1% of E Fund Management Hong Kong Co. Ltd.’s holdings, making the stock its 15th largest holding. E Fund Management Hong Kong Co. Ltd.’s holdings in Legend Biotech were worth $1,402,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Vanguard Personalized Indexing Management LLC grew its position in shares of Legend Biotech by 31.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock worth $290,000 after buying an additional 1,571 shares during the period. Sei Investments Co. boosted its stake in Legend Biotech by 1.5% during the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after acquiring an additional 702 shares during the last quarter. Public Sector Pension Investment Board grew its holdings in Legend Biotech by 1.6% during the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after purchasing an additional 400 shares during the period. Cubist Systematic Strategies LLC bought a new stake in Legend Biotech in the second quarter valued at approximately $2,620,000. Finally, Quarry LP raised its holdings in Legend Biotech by 4,400.0% in the second quarter. Quarry LP now owns 9,000 shares of the company’s stock worth $399,000 after purchasing an additional 8,800 shares during the period. Institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on LEGN. Redburn Atlantic started coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. HC Wainwright reiterated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Tuesday, January 21st. Finally, Piper Sandler restated an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Twelve research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $79.50.

Legend Biotech Price Performance

Legend Biotech stock opened at $36.91 on Monday. The firm has a 50-day moving average of $36.37 and a 200-day moving average of $45.64. 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 one year low of $30.17 and a one year high of $70.13.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $160.20 million during the quarter, compared to the consensus estimate of $143.91 million. During the same period last year, the company earned ($0.17) earnings per share. The business’s revenue was up 66.9% compared to the same quarter last year. On average, equities analysts anticipate that Legend Biotech Co. will post -1.24 earnings per share for the current year.

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).