Deerfield Management Company L.P. Series C Purchases New Position in Legend Biotech Co. (NASDAQ:LEGN)

Deerfield Management Company L.P. Series C bought a new position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 1,551,718 shares of the company's stock, valued at approximately $50,493,000. Legend Biotech makes up 1.0% of Deerfield Management Company L.P. Series C's portfolio, making the stock its 29th largest holding. Deerfield Management Company L.P. Series C owned about 0.85% of Legend Biotech as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of the company. Braidwell LP boosted its stake in shares of Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after purchasing an additional 1,436,400 shares during the period. Bayesian Capital Management LP purchased a new position in shares of Legend Biotech during the fourth quarter valued at about $247,000. Bank of America Corp DE lifted its stake in shares of Legend Biotech by 192.2% in the 4th quarter. Bank of America Corp DE now owns 710,626 shares of the company's stock valued at $23,124,000 after purchasing an additional 467,386 shares during the period. BNP Paribas Financial Markets purchased a new stake in shares of Legend Biotech in the 4th quarter worth about $7,939,000. Finally, Ameriprise Financial Inc. grew its holdings in Legend Biotech by 7.4% in the fourth quarter. Ameriprise Financial Inc. now owns 766,440 shares of the company's stock worth $24,940,000 after purchasing an additional 52,939 shares during the period. Institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Down 4.6%

Shares of NASDAQ:LEGN traded down $1.48 during trading on Tuesday, reaching $30.90. 1,986,917 shares of the company were exchanged, compared to its average volume of 1,260,260. 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 firm has a market capitalization of $5.67 billion, a PE ratio of -32.53 and a beta of 0.20. The business's fifty day simple moving average is $34.00 and its 200-day simple moving average is $36.18. 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 released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts' consensus estimates of ($0.34) by $0.27. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. On average, research analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

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

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).