Renaissance Technologies LLC Raises Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Renaissance Technologies LLC boosted its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 4,917.1% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 908,100 shares of the company's stock after acquiring an additional 890,000 shares during the quarter. Renaissance Technologies LLC owned 0.50% of Legend Biotech worth $29,550,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Exane Asset Management bought a new position in Legend Biotech in the fourth quarter valued at about $2,284,000. Matthews International Capital Management LLC grew 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 worth $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Nordea Investment Management AB boosted its position in Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock valued at $8,684,000 after purchasing an additional 33,024 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Legend Biotech in the 3rd quarter valued at about $12,837,000. Finally, Geode Capital Management LLC increased its holdings in shares of Legend Biotech by 3.6% during the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company's stock worth $23,933,000 after acquiring an additional 17,337 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

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Legend Biotech Price Performance

Shares of Legend Biotech stock traded down $0.28 on Wednesday, reaching $33.46. The stock had a trading volume of 2,576,963 shares, compared to its average volume of 1,242,247. The business's 50 day moving average is $35.16 and its two-hundred day moving average is $38.03. 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 Co. has a 1 year low of $29.27 and a 1 year high of $60.87. The company has a market cap of $6.14 billion, a P/E ratio of -35.22 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.46. The firm had revenue of $186.50 million for the quarter, compared to analysts' expectations of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business's quarterly revenue was up 134.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.40) EPS. As a group, research analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages recently commented on LEGN. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley cut their price target 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. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research note on Wednesday. Finally, Piper Sandler reissued an "overweight" rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target 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).