Empire Life Investments Inc. Acquires 42,368 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Empire Life Investments Inc. raised its position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 75.2% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 98,688 shares of the company's stock after purchasing an additional 42,368 shares during the quarter. Empire Life Investments Inc. owned 0.05% of Legend Biotech worth $4,809,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Blue Trust Inc. raised its holdings in Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company's stock worth $36,000 after acquiring an additional 806 shares in the last quarter. American International Group Inc. boosted its holdings in shares of Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company's stock valued at $50,000 after buying an additional 300 shares during the last quarter. AM Squared Ltd bought a new position in shares of Legend Biotech in the second quarter valued at $71,000. California State Teachers Retirement System increased its holdings in Legend Biotech by 196.3% during the first quarter. California State Teachers Retirement System now owns 3,345 shares of the company's stock worth $188,000 after buying an additional 2,216 shares during the last quarter. Finally, BNP Paribas bought a new stake in Legend Biotech during the first quarter worth $199,000. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Trading Down 1.5 %

LEGN traded down $0.66 during trading on Friday, reaching $44.36. 1,510,862 shares of the company's stock were exchanged, compared to its average volume of 1,358,206. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a one year low of $38.60 and a one year high of $70.13. The firm has a fifty day moving average price of $49.03 and a two-hundred day moving average price of $48.63. The stock has a market capitalization of $8.09 billion, a PE ratio of -56.87 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.54) by $0.49. The company had revenue of $186.50 million for the quarter, compared to analysts' expectations of $125.25 million. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. Legend Biotech's revenue for the quarter was up 154.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.27) earnings per share. As a group, equities research analysts forecast that Legend Biotech Co. will post -1.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

LEGN has been the topic of several recent analyst reports. TD Cowen lowered their price objective on shares of Legend Biotech from $71.00 to $67.00 and set a "buy" rating on the stock in a research note on Monday, July 15th. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price target on the stock. Scotiabank raised their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research report on Monday, August 12th. HC Wainwright reissued a "buy" rating and set a $73.00 target price on shares of Legend Biotech in a report on Wednesday, October 16th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th. Fourteen research analysts have rated the stock with a buy rating, According to MarketBeat, Legend Biotech presently has an average rating of "Buy" and a consensus target price of $82.08.

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).