Franklin Resources Inc. Acquires Shares of 258,396 Legend Biotech Co. (NASDAQ:LEGN)

Franklin Resources Inc. acquired a new position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 258,396 shares of the company's stock, valued at approximately $12,837,000. Franklin Resources Inc. owned about 0.14% of Legend Biotech as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEGN. Geode Capital Management LLC increased its stake in shares of Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. Public Employees Retirement System of Ohio acquired a new position in Legend Biotech during the third quarter worth $229,000. Groupama Asset Managment raised its holdings in Legend Biotech by 20.2% during the third quarter. Groupama Asset Managment now owns 27,374 shares of the company's stock valued at $1,329,000 after buying an additional 4,592 shares in the last quarter. Y Intercept Hong Kong Ltd acquired a new stake in shares of Legend Biotech in the third quarter worth about $458,000. Finally, XTX Topco Ltd bought a new stake in shares of Legend Biotech during the 3rd quarter worth about $1,840,000. Institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded up $0.06 during trading hours on Friday, reaching $34.08. The stock had a trading volume of 1,644,206 shares, compared to its average volume of 1,139,630. The company has a market cap of $6.22 billion, a price-to-earnings ratio of -35.87 and a beta of 0.08. Legend Biotech Co. has a twelve month low of $32.50 and a twelve month high of $70.13. The business's fifty day moving average is $41.14 and its two-hundred day moving average is $47.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analysts' expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business's revenue was up 66.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.17) EPS. As a group, research analysts expect that Legend Biotech Co. will post -1.23 EPS for the current year.

Wall Street Analysts Forecast Growth

LEGN has been the subject of several analyst reports. Cantor Fitzgerald restated an "overweight" rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Royal Bank of Canada restated an "outperform" rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a "buy" rating and a $86.00 target price on the stock. Finally, HC Wainwright reissued a "buy" rating and set a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, December 10th. Thirteen analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target of $81.54.

Legend Biotech 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).