Korea Investment CORP Sells 21,100 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Korea Investment CORP trimmed its position in Legend Biotech Co. (NASDAQ:LEGN) by 49.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,490 shares of the company’s stock after selling 21,100 shares during the period. Korea Investment CORP’s holdings in Legend Biotech were worth $699,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in LEGN. IvyRock Asset Management HK Ltd increased its holdings in shares of Legend Biotech by 3,827.9% during the fourth quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company’s stock valued at $8,691,000 after acquiring an additional 260,300 shares in the last quarter. EntryPoint Capital LLC bought a new stake in Legend Biotech during the 4th quarter valued at $248,000. Taikang Asset Management Hong Kong Co Ltd raised its holdings in Legend Biotech by 107.9% during the fourth quarter. Taikang Asset Management Hong Kong Co Ltd now owns 100,475 shares of the company’s stock worth $3,269,000 after buying an additional 52,145 shares during the last quarter. Fox Run Management L.L.C. acquired a new position in Legend Biotech during the fourth quarter worth $421,000. Finally, KLP Kapitalforvaltning AS bought a new position in shares of Legend Biotech in the fourth quarter valued at $599,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LEGN has been the topic of a number of analyst reports. Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright lifted their target price on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a research report on Wednesday, March 12th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Finally, Morgan Stanley dropped their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $79.00.

Legend Biotech Stock Down 7.1 %

LEGN opened at $31.52 on Wednesday. The company’s 50-day moving average price is $36.40 and its two-hundred day moving average price is $39.27. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a twelve month low of $30.17 and a twelve month high of $60.87. The stock has a market cap of $5.79 billion, a price-to-earnings ratio of -33.18 and a beta of 0.19.

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

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).