Nordea Investment Management AB Buys 33,024 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Nordea Investment Management AB lifted its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 14.2% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 266,232 shares of the company's stock after acquiring an additional 33,024 shares during the quarter. Nordea Investment Management AB owned about 0.15% of Legend Biotech worth $8,684,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in LEGN. FMR LLC increased its position in shares of Legend Biotech by 4.0% during the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company's stock valued at $893,232,000 after purchasing an additional 708,620 shares during the period. Westfield Capital Management Co. LP grew its holdings in Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock worth $245,526,000 after acquiring an additional 266,296 shares during the period. Massachusetts Financial Services Co. MA raised its position in Legend Biotech by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company's stock worth $110,868,000 after acquiring an additional 314,449 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Legend Biotech by 0.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company's stock valued at $68,266,000 after acquiring an additional 4,285 shares during the last quarter. Finally, State Street Corp boosted its position in shares of Legend Biotech by 0.4% during the 3rd quarter. State Street Corp now owns 1,140,222 shares of the company's stock valued at $55,563,000 after purchasing an additional 4,735 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

Analyst Ratings Changes

LEGN has been the topic of a number of research reports. HC Wainwright reiterated a "buy" rating and issued a $73.00 target price on shares of Legend Biotech in a report on Tuesday, December 10th. Royal Bank of Canada reiterated an "outperform" rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald restated an "overweight" rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Redburn Atlantic assumed coverage on Legend Biotech in a report on Tuesday, October 8th. They set a "buy" rating and a $86.00 target price for the company. 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. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $80.62.

Legend Biotech Stock Up 2.6 %

Shares of NASDAQ:LEGN traded up $0.85 during trading on Friday, reaching $33.62. 4,608,237 shares of the company traded hands, compared to its average volume of 1,575,156. The firm has a fifty day simple moving average of $37.75 and a 200 day simple moving average of $46.44. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 1-year low of $31.20 and a 1-year high of $70.13. The firm has a market cap of $6.14 billion, a P/E ratio of -35.39 and a beta of 0.16.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts' consensus estimates of ($0.56) by $0.22. The firm had revenue of $160.20 million for the quarter, compared to the consensus estimate of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business's quarterly revenue was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.17) earnings per share. Analysts anticipate that Legend Biotech Co. will post -1.23 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).