33,100 Shares in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Purchased by ABS Direct Equity Fund LLC

ABS Direct Equity Fund LLC acquired a new position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 33,100 shares of the company's stock, valued at approximately $1,123,000. Legend Biotech comprises approximately 1.5% of ABS Direct Equity Fund LLC's holdings, making the stock its 26th largest holding.

A number of other large investors have also added to or reduced their stakes in the stock. Rhumbline Advisers lifted its stake in Legend Biotech by 1.4% during the first quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after purchasing an additional 391 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Legend Biotech by 145.4% during the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares in the last quarter. Shell Asset Management Co. raised its position 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 worth $68,000 after acquiring an additional 800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its position in Legend Biotech by 12.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock valued at $238,000 after buying an additional 835 shares during the period. Finally, Aigen Investment Management LP boosted its stake in Legend Biotech by 19.6% during the fourth quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock worth $240,000 after acquiring an additional 1,206 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms recently commented on LEGN. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. Cantor Fitzgerald restated an "overweight" rating and issued a $55.00 price objective on shares of Legend Biotech in a research note on Wednesday, May 14th. Truist Financial lowered their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Morgan Stanley lowered their price objective 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, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus target price of $76.20.

Legend Biotech Trading Up 0.5%

Legend Biotech stock traded up $0.19 during midday trading on Wednesday, reaching $34.89. 884,226 shares of the stock traded hands, compared to its average volume of 1,337,500. The firm has a market cap of $6.41 billion, a PE ratio of -59.13 and a beta of 0.13. The company has a 50-day simple moving average of $32.11 and a two-hundred day simple moving average of $34.33. Legend Biotech Corporation Sponsored ADR has a 12-month low of $27.34 and a 12-month high of $60.87. The company has a current ratio of 5.20, a quick ratio of 5.07 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates of ($0.40) by $0.33. The company had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative net margin of 29.95% and a negative return on equity of 21.19%. Legend Biotech's quarterly revenue was up 107.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) EPS. Research analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Legend Biotech Company 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).