Geode Capital Management LLC Buys 17,337 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Geode Capital Management LLC grew its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 3.6% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 494,864 shares of the company's stock after acquiring an additional 17,337 shares during the quarter. Geode Capital Management LLC owned 0.27% of Legend Biotech worth $23,933,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of LEGN. AM Squared Ltd acquired a new stake in Legend Biotech in the 2nd quarter worth $71,000. Quantbot Technologies LP acquired a new stake in Legend Biotech during the third quarter worth about $148,000. SG Americas Securities LLC bought a new position in Legend Biotech during the third quarter valued at about $212,000. Public Employees Retirement System of Ohio bought a new position in Legend Biotech during the third quarter valued at about $229,000. Finally, CIBC Asset Management Inc acquired a new position in Legend Biotech in the 2nd quarter valued at approximately $283,000. Institutional investors and hedge funds own 70.89% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on LEGN. Redburn Atlantic started coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price objective on the stock. Royal Bank of Canada reiterated an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright restated a "buy" rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Tuesday, December 10th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Legend Biotech has a consensus rating of "Buy" and a consensus target price of $81.54.

Legend Biotech Price Performance

Shares of LEGN traded down $0.29 on Friday, hitting $32.49. The company's stock had a trading volume of 797,345 shares, compared to its average volume of 1,139,054. The company has a 50 day moving average price of $39.95 and a 200 day moving average price of $47.08. Legend Biotech Co. has a fifty-two week low of $32.08 and a fifty-two week high of $70.13. The company has a market capitalization of $5.93 billion, a PE ratio of -34.20 and a beta of 0.08. 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 posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts' consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same quarter in the previous year, the firm earned ($0.17) earnings per share. The business's revenue was up 66.9% on a year-over-year basis. On average, research analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

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).