Artisan Partners Limited Partnership Purchases 915,891 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Artisan Partners Limited Partnership increased its position in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 155.3% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,505,562 shares of the company's stock after acquiring an additional 915,891 shares during the quarter. Artisan Partners Limited Partnership owned about 0.82% of Legend Biotech worth $48,991,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in LEGN. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Legend Biotech in the 3rd quarter valued at about $316,000. Advisors Asset Management Inc. boosted its stake in Legend Biotech by 14.0% in the third quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company's stock valued at $332,000 after acquiring an additional 837 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new stake in Legend Biotech during the 3rd quarter worth $306,000. Quantbot Technologies LP acquired a new stake in Legend Biotech during the 3rd quarter worth $148,000. Finally, Bridgewater Associates LP raised its position 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 valued at $8,088,000 after acquiring an additional 516 shares during the last quarter. Institutional investors own 70.89% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on LEGN shares. Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley reduced their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $83.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright lifted their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a "buy" rating in a research report on Wednesday, March 12th. Finally, Piper Sandler reaffirmed an "overweight" rating and set a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $79.00.

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Legend Biotech Stock Up 3.6 %

Legend Biotech stock traded up $1.15 during midday trading on Wednesday, reaching $32.67. The stock had a trading volume of 572,855 shares, compared to its average volume of 1,196,397. The stock has a market capitalization of $6.00 billion, a P/E ratio of -34.14 and a beta of 0.19. The firm's fifty day simple moving average is $36.40 and its 200-day simple moving average is $39.27. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a 1-year low of $30.17 and a 1-year high of $60.87.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.39) by $0.46. The company had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm's revenue was up 134.6% compared to the same quarter last year. During the same period last year, the company earned ($0.40) earnings per share. As a group, analysts expect that Legend Biotech Co. will post -1.31 EPS 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).