ProShare Advisors LLC reduced its position in shares of Legend Biotech Co. (NASDAQ:LEGN – Get Rating) by 25.4% in the second quarter, HoldingsChannel.com reports. The firm owned 4,149 shares of the company’s stock after selling 1,416 shares during the period. ProShare Advisors LLC’s holdings in Legend Biotech were worth $228,000 at the end of the most recent quarter.
Other institutional investors also recently modified their holdings of the company. FengHe Fund Management Pte. Ltd. lifted its holdings in Legend Biotech by 78.0% in the first quarter. FengHe Fund Management Pte. Ltd. now owns 997,714 shares of the company’s stock worth $36,257,000 after buying an additional 437,208 shares during the period. Russell Investments Group Ltd. purchased a new stake in Legend Biotech in the first quarter worth about $735,000. Parametrica Management Ltd purchased a new stake in Legend Biotech in the first quarter worth about $220,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Legend Biotech during the first quarter valued at approximately $417,000. Finally, Parkman Healthcare Partners LLC bought a new position in shares of Legend Biotech during the first quarter valued at approximately $4,378,000. 32.36% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
LEGN has been the subject of a number of analyst reports. BMO Capital Markets reaffirmed a “buy” rating and set a $77.00 target price on shares of Legend Biotech in a research note on Friday, July 8th. Guggenheim initiated coverage on shares of Legend Biotech in a research note on Monday. They set a “neutral” rating for the company. Evercore ISI initiated coverage on shares of Legend Biotech in a research note on Tuesday. They set an “outperform” rating for the company. Cowen initiated coverage on shares of Legend Biotech in a research note on Tuesday. They set an “outperform” rating for the company. Finally, Cowen started coverage on shares of Legend Biotech in a research note on Tuesday. They set an “outperform” rating for the company. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.20.
Legend Biotech Price Performance
Shares of LEGN opened at $51.01 on Wednesday. The company has a market capitalization of $8.37 billion, a P/E ratio of -42.87 and a beta of -0.39. The company has a quick ratio of 3.81, a current ratio of 3.83 and a debt-to-equity ratio of 0.29. The firm has a 50 day moving average of $43.47 and a 200 day moving average of $44.89. Legend Biotech Co. has a twelve month low of $30.75 and a twelve month high of $57.67.
Legend Biotech Profile
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Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development 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), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.
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