iA Global Asset Management Inc. Invests $2.49 Million in Legend Biotech Co. (NASDAQ:LEGN)

iA Global Asset Management Inc. acquired a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 76,380 shares of the company's stock, valued at approximately $2,485,000.

A number of other hedge funds also recently made changes to their positions in LEGN. FMR LLC raised its stake in Legend Biotech by 4.0% during the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company's stock worth $893,232,000 after acquiring an additional 708,620 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after purchasing an additional 266,296 shares during the period. Massachusetts Financial Services Co. MA raised its position in shares of Legend Biotech by 16.0% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company's stock valued at $110,868,000 after purchasing an additional 314,449 shares during the period. Matthews International Capital Management LLC lifted its stake in shares of Legend Biotech by 14.9% during the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock valued at $38,577,000 after buying an additional 153,665 shares in the last quarter. Finally, State Street Corp boosted its holdings in Legend Biotech by 0.4% in the 3rd quarter. State Street Corp now owns 1,140,222 shares of the company's stock worth $55,563,000 after buying an additional 4,735 shares during the period. 70.89% of the stock is currently owned by institutional investors.

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Analyst Ratings Changes

A number of equities research analysts have commented on LEGN shares. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley decreased their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald restated an "overweight" rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Piper Sandler reiterated an "overweight" rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. Finally, HC Wainwright upped their target price on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a "buy" rating in a research 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. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $79.00.

Legend Biotech Price Performance

Legend Biotech stock traded down $0.38 during mid-day trading on Wednesday, reaching $34.67. 1,090,996 shares of the company's stock traded hands, compared to its average volume of 1,164,845. The stock has a 50 day moving average of $36.25 and a two-hundred day moving average of $39.83. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The company has a market cap of $6.37 billion, a price-to-earnings ratio of -36.49 and a beta of 0.19. Legend Biotech Co. has a 12-month low of $30.17 and a 12-month high of $60.87.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released 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 return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter last year, the business posted ($0.40) earnings per share. The firm's revenue was up 134.6% on a year-over-year basis. Equities analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

About Legend Biotech

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).