Legend Biotech Co. (NASDAQ:LEGN) is Braidwell LP's 10th Largest Position

Braidwell LP boosted its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 93.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,977,951 shares of the company's stock after buying an additional 1,436,400 shares during the period. Legend Biotech accounts for approximately 2.9% of Braidwell LP's holdings, making the stock its 10th largest holding. Braidwell LP owned approximately 1.63% of Legend Biotech worth $96,903,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Franklin Resources Inc. acquired a new stake in Legend Biotech in the third quarter valued at $12,837,000. Nordea Investment Management AB grew its stake in Legend Biotech by 14.2% during the 4th 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. Diversified Trust Co lifted its stake in Legend Biotech by 27.6% in the fourth quarter. Diversified Trust Co now owns 45,288 shares of the company's stock valued at $1,474,000 after acquiring an additional 9,784 shares during the last quarter. SG Americas Securities LLC raised its position in shares of Legend Biotech by 276.5% in the fourth quarter. SG Americas Securities LLC now owns 16,417 shares of the company's stock valued at $534,000 after purchasing an additional 12,057 shares during the period. Finally, Blue Trust Inc. boosted its holdings in Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock valued at $190,000 after purchasing an additional 5,478 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on the company. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Wednesday, April 16th. Finally, Royal Bank of Canada reiterated an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $78.82.

Legend Biotech Stock Performance

Shares of LEGN stock traded down $0.46 during mid-day trading on Friday, reaching $31.58. 1,137,956 shares of the company's stock traded hands, compared to its average volume of 1,255,218. The firm has a 50 day moving average price of $34.05 and a two-hundred day moving average price of $36.33. The firm has a market capitalization of $5.80 billion, a PE ratio of -33.24 and a beta of 0.20. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a 12 month low of $29.27 and a 12 month high of $60.87.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced 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 firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm's revenue for the quarter was up 134.6% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.40) EPS. On average, research analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current 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).