Krane Funds Advisors LLC Cuts Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Krane Funds Advisors LLC lessened its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 5.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,780 shares of the company’s stock after selling 1,180 shares during the period. Krane Funds Advisors LLC’s holdings in Legend Biotech were worth $915,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its holdings in shares of Legend Biotech by 10,075.0% during the 2nd quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after acquiring an additional 806 shares in the last quarter. American International Group Inc. boosted its holdings in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after acquiring an additional 300 shares during the period. AM Squared Ltd acquired a new stake in Legend Biotech in the second quarter valued at approximately $71,000. California State Teachers Retirement System raised its stake in shares of Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company’s stock valued at $188,000 after purchasing an additional 2,216 shares during the period. Finally, BNP Paribas acquired a new position in shares of Legend Biotech during the first quarter worth $199,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analyst Ratings Changes

LEGN has been the subject of a number of recent analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, October 16th. BMO Capital Markets reiterated an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Wednesday, July 3rd. TD Cowen dropped their price objective on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Friday, September 27th. Finally, Redburn Atlantic began coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target for the company. Fourteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Buy” and a consensus target price of $82.08.

Legend Biotech Stock Performance

LEGN stock opened at $43.45 on Tuesday. The stock has a market capitalization of $7.92 billion, a price-to-earnings ratio of -33.42 and a beta of 0.10. The stock’s fifty day moving average is $51.18 and its two-hundred day moving average is $49.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. Legend Biotech Co. has a 1 year low of $38.60 and a 1 year high of $70.13.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The business had revenue of $186.50 million for the quarter, compared to the consensus estimate of $125.25 million. During the same quarter last year, the firm earned ($0.27) EPS. Legend Biotech’s revenue for the quarter was up 154.4% on a year-over-year basis. On average, research analysts predict that Legend Biotech Co. will post -1.51 EPS 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).