Legend Biotech Co. (NASDAQ:LEGN) Shares Bought by abrdn plc

abrdn plc boosted its position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 110.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 33,729 shares of the company's stock after purchasing an additional 17,696 shares during the quarter. abrdn plc's holdings in Legend Biotech were worth $1,628,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also bought and sold shares of the company. Sumitomo Mitsui Trust Holdings Inc. lifted its position in shares of Legend Biotech by 0.9% in the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 164,573 shares of the company's stock worth $9,231,000 after purchasing an additional 1,443 shares during the period. Nordea Investment Management AB purchased a new position in Legend Biotech during the 1st quarter valued at about $843,000. Daiwa Securities Group Inc. increased its stake in Legend Biotech by 9.0% during the 1st quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company's stock valued at $356,000 after purchasing an additional 527 shares in the last quarter. TimesSquare Capital Management LLC grew its stake in shares of Legend Biotech by 8.7% in the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company's stock worth $64,980,000 after acquiring an additional 92,611 shares during the period. Finally, Swiss National Bank grew its position in Legend Biotech by 3.9% during the first quarter. Swiss National Bank now owns 159,994 shares of the company's stock valued at $8,974,000 after buying an additional 6,000 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Legend Biotech Stock Up 2.2 %

NASDAQ:LEGN traded up $0.95 during midday trading on Tuesday, reaching $44.56. 2,361,229 shares of the stock traded hands, compared to its average volume of 1,064,861. The business has a 50-day moving average of $48.77 and a two-hundred day moving average of $48.60. The stock has a market capitalization of $8.12 billion, a PE ratio of -59.79 and a beta of 0.11. Legend Biotech Co. has a 12-month low of $38.60 and a 12-month high of $70.13. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84.

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

Legend Biotech Company 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).