Ameriprise Financial Inc. Raises Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Ameriprise Financial Inc. grew its stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 7.4% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 766,440 shares of the company's stock after purchasing an additional 52,939 shares during the quarter. Ameriprise Financial Inc. owned approximately 0.42% of Legend Biotech worth $24,940,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Invesco Ltd. increased its holdings in Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after buying an additional 1,022,365 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock valued at $48,991,000 after acquiring an additional 915,891 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Legend Biotech by 4,917.1% during the fourth quarter. Renaissance Technologies LLC now owns 908,100 shares of the company's stock worth $29,550,000 after buying an additional 890,000 shares during the period. Boxer Capital Management LLC acquired a new position in shares of Legend Biotech in the 4th quarter valued at about $22,778,000. Finally, JPMorgan Chase & Co. increased its holdings in Legend Biotech by 176.0% in the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock worth $32,475,000 after purchasing an additional 636,390 shares in the last quarter. Institutional investors own 70.89% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the stock. Truist Financial reduced their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Royal Bank of Canada restated an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Morgan Stanley decreased their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a research report on Wednesday, May 14th. One analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $74.73.

Legend Biotech Price Performance

Shares of NASDAQ LEGN traded up $0.68 during midday trading on Tuesday, reaching $29.79. 206,864 shares of the stock traded hands, compared to its average volume of 1,278,412. The company's 50 day moving average is $33.29 and its 200 day moving average is $35.62. Legend Biotech Co. has a one year low of $27.34 and a one year high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The stock has a market capitalization of $5.47 billion, a PE ratio of -31.36 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million for the quarter, compared to analyst estimates of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech's revenue was up 107.8% compared to the same quarter last year. During the same period last year, the company posted ($0.16) earnings per share. On average, equities research analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Legend Biotech 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).