KLP Kapitalforvaltning AS Takes $599,000 Position in Legend Biotech Co. (NASDAQ:LEGN)

KLP Kapitalforvaltning AS bought a new position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 18,400 shares of the company's stock, valued at approximately $599,000.

Other hedge funds also recently made changes to their positions in the company. Signaturefd LLC increased its stake in Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after acquiring an additional 1,579 shares during the last quarter. OFI Invest Asset Management purchased a new stake in Legend Biotech during the fourth quarter valued at $77,000. Quantbot Technologies LP bought a new position in Legend Biotech during the third quarter valued at $148,000. Blue Trust Inc. grew its stake in shares of Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock worth $190,000 after buying an additional 5,478 shares in the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Legend Biotech in the 3rd quarter worth about $229,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 5.5 %

Shares of NASDAQ:LEGN traded down $1.76 during trading on Monday, reaching $30.25. 1,977,170 shares of the company were exchanged, compared to its average volume of 1,214,042. The business's fifty day simple moving average is $36.00 and its 200-day simple moving average is $38.74. 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 Co. has a 12-month low of $29.28 and a 12-month high of $60.87. The firm has a market capitalization of $5.56 billion, a PE ratio of -31.84 and a beta of 0.21.

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Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (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 for the quarter, compared to analysts' expectations of $179.00 million. During the same quarter in the prior year, the firm earned ($0.40) earnings per share. Legend Biotech's revenue was up 134.6% compared to the same quarter last year. On average, research analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of analyst reports. HC Wainwright increased their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the company a "buy" rating in a report on Wednesday, March 12th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Piper Sandler reissued an "overweight" rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Royal Bank of Canada restated an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $79.00.

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).