Resona Asset Management Co. Ltd. Invests $568,000 in Legend Biotech Co. (NASDAQ:LEGN)

Resona Asset Management Co. Ltd. acquired a new position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 17,450 shares of the company's stock, valued at approximately $568,000.

A number of other large investors have also recently added to or reduced their stakes in LEGN. Signaturefd LLC raised its stake in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after purchasing an additional 1,579 shares during the last quarter. OFI Invest Asset Management bought a new position in Legend Biotech in the 4th quarter valued at $77,000. Public Employees Retirement System of Ohio acquired a new stake in shares of Legend Biotech in the third quarter valued at $229,000. Blue Trust Inc. raised its holdings in shares of Legend Biotech by 1,513.3% in the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock valued at $190,000 after buying an additional 5,478 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in Legend Biotech by 12.9% during the 4th quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock worth $238,000 after buying an additional 835 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

Legend Biotech Price Performance

Shares of Legend Biotech stock traded down $0.20 during midday trading on Wednesday, hitting $33.54. 943,025 shares of the company traded hands, compared to its average volume of 1,236,587. The stock has a market cap of $6.16 billion, a price-to-earnings ratio of -34.98 and a beta of 0.21. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm's fifty day moving average price is $35.16 and its 200-day moving average price is $38.03. Legend Biotech Co. has a 12 month low of $29.27 and a 12 month high of $60.87.

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

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of research analyst reports. Piper Sandler reaffirmed an "overweight" rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. HC Wainwright reissued a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a report on Wednesday. Finally, Morgan Stanley reduced their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $79.00.

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).