125,000 Shares in Legend Biotech Co. (NASDAQ:LEGN) Bought by Vestal Point Capital LP

Vestal Point Capital LP purchased a new stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund purchased 125,000 shares of the company's stock, valued at approximately $6,091,000. Vestal Point Capital LP owned 0.07% of Legend Biotech at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in LEGN. Westfield Capital Management Co. LP boosted 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 valued at $245,526,000 after purchasing an additional 266,296 shares in the last quarter. Hsbc Holdings PLC boosted its stake in Legend Biotech by 9.9% in the 2nd quarter. Hsbc Holdings PLC now owns 232,560 shares of the company's stock valued at $10,296,000 after buying an additional 20,910 shares in the last quarter. Empire Life Investments Inc. grew its position in Legend Biotech by 75.2% in the third quarter. Empire Life Investments Inc. now owns 98,688 shares of the company's stock valued at $4,809,000 after acquiring an additional 42,368 shares during the period. Sumitomo Mitsui Trust Group Inc. grew its position in Legend Biotech by 9.0% in the third quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company's stock valued at $8,636,000 after acquiring an additional 14,672 shares during the period. Finally, Decheng Capital LLC raised its stake in Legend Biotech by 14.1% during the second quarter. Decheng Capital LLC now owns 98,558 shares of the company's stock worth $4,365,000 after acquiring an additional 12,195 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Wall Street Analyst Weigh In

LEGN has been the topic of several recent analyst reports. Redburn Atlantic assumed 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. Scotiabank lifted their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a research note on Monday, August 12th. HC Wainwright restated a "buy" rating and set a $73.00 target price on shares of Legend Biotech in a report on Wednesday, November 13th. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and issued a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and an average target price of $81.46.

Legend Biotech Stock Performance

Shares of Legend Biotech stock traded down $1.06 on Friday, hitting $42.07. 460,232 shares of the company's stock traded hands, compared to its average volume of 1,118,772. Legend Biotech Co. has a one year low of $36.92 and a one year high of $70.13. 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 50-day moving average price is $44.29 and its two-hundred day moving average price is $47.98.

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