Cinctive Capital Management LP bought a new position in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 30,694 shares of the company's stock, valued at approximately $999,000.
A number of other large investors have also modified their holdings of the business. Wellington Management Group LLP increased its position in shares of Legend Biotech by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after buying an additional 84,405 shares in the last quarter. Artisan Partners Limited Partnership grew its holdings in Legend Biotech by 155.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock valued at $48,991,000 after buying an additional 915,891 shares during the last quarter. Alliancebernstein L.P. increased its position in Legend Biotech by 12.5% during the fourth quarter. Alliancebernstein L.P. now owns 1,476,151 shares of the company's stock worth $48,034,000 after buying an additional 164,418 shares in the last quarter. Matthews International Capital Management LLC raised its holdings in shares of Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock worth $38,577,000 after acquiring an additional 153,665 shares during the last quarter. Finally, State Street Corp boosted its stake in shares of Legend Biotech by 0.4% during the third quarter. State Street Corp now owns 1,140,222 shares of the company's stock valued at $55,563,000 after acquiring an additional 4,735 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of research firms have issued reports on LEGN. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a research report on Tuesday. Piper Sandler reissued an "overweight" rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Morgan Stanley lowered their price objective on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $79.00.
Check Out Our Latest Analysis on LEGN
Legend Biotech Trading Up 4.3 %
Shares of NASDAQ LEGN traded up $1.31 during midday trading on Wednesday, hitting $32.08. The stock had a trading volume of 1,535,356 shares, compared to its average volume of 1,213,480. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 1-year low of $29.27 and a 1-year high of $60.87. The company has a market capitalization of $5.89 billion, a price-to-earnings ratio of -33.77 and a beta of 0.21. The company has a fifty day moving average price of $35.56 and a 200 day moving average price of $38.42.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating analysts' consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $186.50 million for the quarter, compared to analysts' expectations of $179.00 million. During the same period in the previous year, the company posted ($0.40) earnings per share. Legend Biotech's revenue was up 134.6% compared to the same quarter last year. On average, analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current year.
About Legend Biotech
(
Free Report)
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).
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