Federated Hermes Inc. Lowers Stock Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Federated Hermes Inc. reduced its position in Legend Biotech Co. (NASDAQ:LEGN) by 2.2% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,725,972 shares of the company’s stock after selling 38,524 shares during the period. Federated Hermes Inc.’s holdings in Legend Biotech were worth $103,852,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LEGN. BluePath Capital Management LLC purchased a new stake in Legend Biotech in the 3rd quarter worth approximately $32,000. American International Group Inc. purchased a new stake in Legend Biotech in the 2nd quarter worth approximately $33,000. Lazard Asset Management LLC purchased a new stake in Legend Biotech in the 4th quarter worth approximately $33,000. Coppell Advisory Solutions LLC purchased a new stake in Legend Biotech in the 2nd quarter worth approximately $41,000. Finally, Atlas Capital Advisors LLC purchased a new stake in Legend Biotech in the 2nd quarter worth approximately $57,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have commented on LEGN. UBS Group lifted their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. HC Wainwright reissued a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday. Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. Raymond James initiated coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. One analyst has rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and an average target price of $82.70.

Legend Biotech Trading Down 3.5 %

Shares of LEGN stock opened at $47.12 on Friday. Legend Biotech Co. has a 12 month low of $47.08 and a 12 month high of $77.32. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The company’s fifty day moving average price is $59.61 and its two-hundred day moving average price is $60.96.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. On average, research analysts anticipate that Legend Biotech Co. will post -1.43 earnings per share for the current fiscal 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).