IvyRock Asset Management HK Ltd Buys 260,300 Shares of Legend Biotech Co. (NASDAQ:LEGN)

IvyRock Asset Management HK Ltd grew its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 3,827.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 267,100 shares of the company's stock after acquiring an additional 260,300 shares during the period. Legend Biotech accounts for 3.8% of IvyRock Asset Management HK Ltd's holdings, making the stock its 7th largest position. IvyRock Asset Management HK Ltd owned about 0.15% of Legend Biotech worth $8,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the stock. Exane Asset Management acquired a new position in shares of Legend Biotech in the fourth quarter valued at about $2,284,000. Matthews International Capital Management LLC grew its position 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 worth $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock worth $8,684,000 after purchasing an additional 33,024 shares during the period. Franklin Resources Inc. acquired a new stake in shares of Legend Biotech in the third quarter valued at approximately $12,837,000. Finally, Geode Capital Management LLC boosted its stake in shares of Legend Biotech by 3.6% in the third quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock valued at $23,933,000 after buying an additional 17,337 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

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Legend Biotech Price Performance

Legend Biotech stock traded down $0.33 during mid-day trading on Friday, reaching $35.06. The company had a trading volume of 504,807 shares, compared to its average volume of 1,193,104. The business has a fifty day simple moving average of $36.44 and a 200 day simple moving average of $39.59. The company has a market cap of $6.44 billion, a P/E ratio of -36.90 and a beta of 0.19. Legend Biotech Co. has a fifty-two week low of $30.17 and a fifty-two week high of $60.87. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $186.50 million during the quarter, compared to analysts' expectations of $179.00 million. During the same quarter in the prior year, the firm earned ($0.40) EPS. The business's revenue for the quarter was up 134.6% compared to the same quarter last year. On average, equities research analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

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

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).