ABS Direct Equity Fund LLC Invests $1.12 Million in Legend Biotech Co. (NASDAQ:LEGN)

ABS Direct Equity Fund LLC purchased a new position in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 33,100 shares of the company's stock, valued at approximately $1,123,000. Legend Biotech makes up 1.5% of ABS Direct Equity Fund LLC's investment portfolio, making the stock its 26th largest position.

A number of other hedge funds and other institutional investors also recently made changes to their positions in LEGN. GAMMA Investing LLC raised its stake in shares of Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after acquiring an additional 765 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Legend Biotech in the 4th quarter valued at approximately $56,000. Signaturefd LLC raised its stake in shares of Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after acquiring an additional 1,579 shares in the last quarter. Shell Asset Management Co. raised its stake in shares of Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after acquiring an additional 800 shares in the last quarter. Finally, OFI Invest Asset Management bought a new position in shares of Legend Biotech in the 4th quarter valued at approximately $77,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 2.8%

LEGN stock opened at $36.83 on Friday. 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 $6.77 billion, a P/E ratio of -38.77 and a beta of 0.13. The business has a 50-day moving average of $31.96 and a 200-day moving average of $34.43. Legend Biotech Co. has a fifty-two week low of $27.34 and a fifty-two week high of $60.87.

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

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Morgan Stanley dropped their price target on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Finally, Truist Financial dropped their price target on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech has an average rating of "Moderate Buy" and an average price target of $76.20.

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).

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