FMR LLC cut its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 26.6% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 13,447,012 shares of the company's stock after selling 4,883,207 shares during the quarter. FMR LLC owned 7.36% of Legend Biotech worth $437,566,000 at the end of the most recent quarter.
A number of other hedge funds also recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. increased its position in Legend Biotech by 12.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock valued at $238,000 after acquiring an additional 835 shares during the last quarter. Aigen Investment Management LP raised its position in Legend Biotech by 19.6% in the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock worth $240,000 after purchasing an additional 1,206 shares during the period. Rhumbline Advisers boosted its position in shares of Legend Biotech by 5.9% during the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company's stock valued at $899,000 after buying an additional 1,544 shares during the period. Signaturefd LLC raised its holdings in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after buying an additional 1,579 shares during the period. Finally, China Universal Asset Management Co. Ltd. lifted its stake in shares of Legend Biotech by 10.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company's stock worth $564,000 after acquiring an additional 1,609 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently weighed in on LEGN. Morgan Stanley decreased their target price 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. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research note on Tuesday, April 8th. Piper Sandler reissued an "overweight" rating and issued a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, Legend Biotech currently has an average rating of "Moderate Buy" and a consensus target price of $79.00.
View Our Latest Analysis on LEGN
Legend Biotech Stock Performance
Shares of LEGN traded up $1.88 during trading hours on Tuesday, reaching $33.99. 1,852,835 shares of the company traded hands, compared to its average volume of 1,275,555. 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 12-month low of $29.27 and a 12-month high of $60.87. The business has a fifty day moving average price of $35.21 and a 200-day moving average price of $38.06. The stock has a market capitalization of $6.24 billion, a P/E ratio of -35.77 and a beta of 0.21.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping the consensus estimate 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 company had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the previous year, the firm earned ($0.40) EPS. The firm's revenue was up 134.6% compared to the same quarter last year. Equities analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.
Legend Biotech Profile
(
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).
Further Reading
Before you consider Legend Biotech, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Legend Biotech wasn't on the list.
While Legend Biotech currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Need to stretch out your 401K or Roth IRA plan? Use these time-tested investing strategies to grow the monthly retirement income that your stock portfolio generates.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
