Mirae Asset Global Investments Co. Ltd. Sells 989,397 Shares of Legend Biotech Corporation Sponsored ADR $LEGN

Mirae Asset Global Investments Co. Ltd. decreased its holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) by 98.5% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 14,937 shares of the company’s stock after selling 989,397 shares during the quarter. Mirae Asset Global Investments Co. Ltd.’s holdings in Legend Biotech were worth $530,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. GAMMA Investing LLC raised its position in Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company’s stock valued at $44,000 after purchasing an additional 765 shares during the last quarter. Quarry LP bought a new position in Legend Biotech in the 1st quarter valued at $48,000. Brooklyn Investment Group raised its position in Legend Biotech by 1,114.8% in the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company’s stock valued at $59,000 after purchasing an additional 1,583 shares during the last quarter. GF Fund Management CO. LTD. raised its position in Legend Biotech by 22.0% in the 1st quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company’s stock valued at $71,000 after purchasing an additional 377 shares during the last quarter. Finally, Allostery Investments LP acquired a new stake in shares of Legend Biotech in the 1st quarter valued at $161,000. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Down 1.6%

Shares of Legend Biotech stock opened at $31.70 on Friday. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. Legend Biotech Corporation Sponsored ADR has a 12 month low of $27.34 and a 12 month high of $51.77. The business has a fifty day simple moving average of $34.66 and a 200 day simple moving average of $34.46. The stock has a market cap of $5.85 billion, a PE ratio of -36.02 and a beta of 0.23.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.12). Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The company had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. During the same period last year, the firm earned ($0.05) earnings per share. The firm’s revenue for the quarter was up 36.8% on a year-over-year basis. Research analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current year.

Analyst Ratings Changes

LEGN has been the subject of several research reports. Cantor Fitzgerald initiated coverage on Legend Biotech in a research note on Tuesday. They issued an “overweight” rating and a $40.00 target price for the company. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Thursday, July 17th. Weiss Ratings reissued a “sell (d-)” rating on shares of Legend Biotech in a research note on Wednesday. Royal Bank Of Canada reissued an “outperform” rating and issued a $77.00 target price (up from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. Finally, JPMorgan Chase & Co. lowered their target price on Legend Biotech from $78.00 to $76.00 and set an “overweight” rating for the company in a research note on Thursday. Nine research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $69.25.

Legend Biotech Company 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).