Franklin Resources Inc. Invests $12.84 Million in Legend Biotech Co. (NASDAQ:LEGN)

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

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Blue Trust Inc. boosted its stake in shares of Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company's stock valued at $36,000 after purchasing an additional 806 shares in the last quarter. EFG Asset Management North America Corp. boosted its position in Legend Biotech by 2.6% during the 2nd quarter. EFG Asset Management North America Corp. now owns 71,079 shares of the company's stock valued at $3,147,000 after acquiring an additional 1,820 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Legend Biotech by 18.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 110,259 shares of the company's stock valued at $4,883,000 after acquiring an additional 17,162 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Legend Biotech by 25.8% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 31,070 shares of the company's stock worth $1,376,000 after acquiring an additional 6,366 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its position in Legend Biotech by 81.5% during the second quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 6,564 shares of the company's stock valued at $291,000 after purchasing an additional 2,947 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Up 0.2 %

Shares of LEGN opened at $34.08 on Friday. Legend Biotech Co. has a 12 month low of $32.50 and a 12 month high of $70.13. The firm has a market cap of $6.22 billion, a P/E ratio of -35.87 and a beta of 0.08. 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 stock's 50 day moving average is $41.14 and its two-hundred day moving average is $47.46.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company's revenue was up 66.9% compared to the same quarter last year. During the same period last year, the firm posted ($0.17) earnings per share. Analysts predict that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Analysts Set New Price Targets

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

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).