Zurcher Kantonalbank Zurich Cantonalbank Has $2.45 Million Position in Legend Biotech Co. (NASDAQ:LEGN)

Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 61.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 50,268 shares of the company's stock after buying an additional 19,198 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Legend Biotech were worth $2,450,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Bridgewater Associates LP raised its stake in shares of Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company's stock valued at $8,088,000 after purchasing an additional 516 shares during the period. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech in the third quarter valued at approximately $148,000. FMR LLC lifted its position in shares of Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company's stock worth $893,232,000 after purchasing an additional 708,620 shares in the last quarter. Dynamic Technology Lab Private Ltd bought a new position in Legend Biotech in the third quarter valued at $306,000. Finally, Westfield Capital Management Co. LP increased its stake in Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company's stock valued at $245,526,000 after buying an additional 266,296 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded up $0.04 during trading hours on Wednesday, reaching $43.72. 641,374 shares of the stock were exchanged, compared to its average volume of 1,114,339. Legend Biotech Co. has a 52 week low of $36.92 and a 52 week 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 has a market capitalization of $8.02 billion, a price-to-earnings ratio of -46.59 and a beta of 0.08. The stock's fifty day simple moving average is $44.08 and its 200 day simple moving average is $47.98.

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. HC Wainwright restated a "buy" rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, November 13th. Scotiabank boosted their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a "sector outperform" rating in a research report on Monday, August 12th. Redburn Atlantic assumed coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a "buy" rating and a $86.00 target price for the company. Finally, Royal Bank of Canada reaffirmed an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech currently has an average rating of "Buy" and a consensus target price of $81.46.

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).