Taikang Asset Management Hong Kong Co Ltd increased its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 107.9% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 100,475 shares of the company's stock after purchasing an additional 52,145 shares during the period. Taikang Asset Management Hong Kong Co Ltd owned approximately 0.06% of Legend Biotech worth $3,269,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Exane Asset Management acquired a new stake in Legend Biotech in the 4th quarter valued at approximately $2,284,000. Matthews International Capital Management LLC boosted its holdings in Legend Biotech by 14.9% during 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 purchasing an additional 153,665 shares in the last quarter. Nordea Investment Management AB raised its stake in Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock worth $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 valued at about $12,837,000. Finally, Geode Capital Management LLC boosted its holdings in shares of Legend Biotech by 3.6% in 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. Institutional investors and hedge funds own 70.89% of the company's stock.
Analyst Upgrades and Downgrades
A number of analysts recently weighed in on the stock. Royal Bank of Canada reissued an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Morgan Stanley dropped their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Finally, Piper Sandler reaffirmed an "overweight" rating and issued a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech has a consensus rating of "Moderate Buy" and an average price target of $79.00.
Get Our Latest Stock Analysis on LEGN
Legend Biotech Stock Performance
Shares of LEGN traded down $0.33 during mid-day trading on Friday, hitting $35.06. 504,807 shares of the company's stock were exchanged, compared to its average volume of 1,193,104. The firm has a market cap of $6.44 billion, a price-to-earnings ratio of -36.90 and a beta of 0.19. 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 stock's 50-day simple moving average is $36.44 and its 200-day simple moving average is $39.59. Legend Biotech Co. has a 52 week low of $30.17 and a 52 week high of $60.87.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 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 the consensus estimate of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech's revenue for the quarter was up 134.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. On average, equities research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.
Legend Biotech Profile
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Free Report)
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).
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