Bank of New York Mellon Corp Has $4.28 Million Position in Legend Biotech Co. (NASDAQ:LEGN)

Bank of New York Mellon Corp increased its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 131,416 shares of the company's stock after acquiring an additional 14,588 shares during the period. Bank of New York Mellon Corp owned about 0.07% of Legend Biotech worth $4,276,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in LEGN. Exane Asset Management acquired a new stake in Legend Biotech in the 4th quarter valued at $2,284,000. Matthews International Capital Management LLC increased its stake in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock valued at $38,577,000 after buying an additional 153,665 shares during the last quarter. Nordea Investment Management AB increased its stake in Legend Biotech by 14.2% in the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock valued at $8,684,000 after buying an additional 33,024 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Legend Biotech in the 3rd quarter valued at about $12,837,000. Finally, Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after acquiring an additional 266,296 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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Analyst Ratings Changes

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

Legend Biotech Stock Performance

NASDAQ LEGN traded down $0.77 during trading on Friday, reaching $36.95. The company's stock had a trading volume of 1,432,612 shares, compared to its average volume of 1,163,716. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $6.79 billion, a price-to-earnings ratio of -38.89 and a beta of 0.19. Legend Biotech Co. has a 12 month low of $30.17 and a 12 month high of $60.87. The firm has a 50 day moving average price of $36.11 and a 200 day moving average price of $40.29.

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 firm had revenue of $186.50 million during 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 business's revenue for the quarter was up 134.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.40) EPS. As a group, equities analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

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).