Bamco Inc. NY Reduces Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Bamco Inc. NY decreased its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 45.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 168,158 shares of the company’s stock after selling 141,106 shares during the quarter. Bamco Inc. NY’s holdings in Legend Biotech were worth $8,194,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Avior Wealth Management LLC raised its holdings in Legend Biotech by 3.0% during the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after purchasing an additional 323 shares during the last quarter. Public Sector Pension Investment Board increased its position in shares of Legend Biotech by 1.6% in the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after buying an additional 400 shares in the last quarter. Bridgewater Associates LP raised its stake in shares of Legend Biotech by 0.3% during the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after buying an additional 516 shares during the last quarter. Sei Investments Co. raised its stake in shares of 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 buying an additional 702 shares during the last quarter. Finally, Vanguard Group Inc. boosted its position in shares of Legend Biotech by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 129,359 shares of the company’s stock worth $7,256,000 after buying an additional 738 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Legend Biotech stock opened at $43.31 on Tuesday. Legend Biotech Co. has a 52 week low of $36.92 and a 52 week high of $70.13. The company’s 50-day moving average price is $44.16 and its two-hundred day moving average price is $48.01. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate 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 business had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the prior year, the firm posted ($0.17) earnings per share. The company’s revenue was up 66.9% on a year-over-year basis. As a group, analysts expect that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Tuesday, October 29th. Scotiabank raised their price objective on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, November 13th. Finally, Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and an average price target of $81.46.

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).