Springhill Fund Asset Management HK Co Ltd Takes Position in Legend Biotech Co. (NASDAQ:LEGN)

Springhill Fund Asset Management HK Co Ltd bought a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 190,800 shares of the company's stock, valued at approximately $6,209,000. Legend Biotech comprises about 10.1% of Springhill Fund Asset Management HK Co Ltd's holdings, making the stock its 2nd biggest position. Springhill Fund Asset Management HK Co Ltd owned 0.10% of Legend Biotech at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Exane Asset Management purchased a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $2,284,000. Matthews International Capital Management LLC raised its holdings in shares of Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock valued at $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Nordea Investment Management AB raised its holdings in shares of Legend Biotech by 14.2% in the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock valued at $8,684,000 after acquiring an additional 33,024 shares in the last quarter. Franklin Resources Inc. bought a new position in Legend Biotech during the 3rd quarter worth about $12,837,000. Finally, Geode Capital Management LLC grew its holdings in 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 in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

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Wall Street Analyst Weigh In

Several research firms have recently commented on LEGN. Morgan Stanley reduced their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. HC Wainwright reiterated a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a report on Tuesday. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Finally, Piper Sandler reiterated an "overweight" rating and issued a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Legend Biotech has an average rating of "Moderate Buy" and a consensus target price of $79.00.

Legend Biotech Stock Performance

Shares of LEGN stock traded up $0.64 on Friday, hitting $31.92. The company had a trading volume of 554,012 shares, compared to its average volume of 1,252,575. Legend Biotech Co. has a twelve month low of $29.27 and a twelve month high of $60.87. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The firm has a market cap of $5.86 billion, a P/E ratio of -33.64 and a beta of 0.21. The company has a 50-day moving average price of $35.44 and a 200-day moving average price of $38.32.

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

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).