Advisors Asset Management Inc. Has $673,000 Holdings in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Advisors Asset Management Inc. has significantly increased its stake in Legend Biotech, purchasing an additional 13,070 shares, bringing its total holdings to 19,825 shares valued at approximately $673,000.
• Institutional investors collectively hold 70.89% of Legend Biotech’s stock, indicating strong confidence among larger investors in the company’s future prospects.
• Legend Biotech's most recent earnings report revealed a loss per share of ($0.34), which was below analyst expectations, although the company's revenue was up 36.8% year-over-year.

Advisors Asset Management Inc. raised its position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 193.5% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 19,825 shares of the company's stock after buying an additional 13,070 shares during the quarter. Advisors Asset Management Inc.'s holdings in Legend Biotech were worth $673,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in 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 buying an additional 765 shares in the last quarter. Quarry LP acquired a new position in Legend Biotech in the 1st quarter valued at $48,000. GF Fund Management CO. LTD. acquired a new position in Legend Biotech in the 4th quarter valued at $56,000. Brooklyn Investment Group grew its holdings in Legend Biotech by 1,114.8% in the 1st quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after buying an additional 1,583 shares in the last quarter. Finally, Shell Asset Management Co. grew its holdings in 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 buying an additional 800 shares in the last quarter. 70.89% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of research analysts have commented on the company. UBS Group set a $54.00 price objective on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley upped their price objective on Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a report on Tuesday, August 12th. Royal Bank Of Canada reissued an "outperform" rating and set a $77.00 target price (up from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. HC Wainwright reissued a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a report on Thursday, July 17th. Finally, Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $74.22.

Legend Biotech Price Performance

NASDAQ:LEGN traded up $0.77 during trading hours on Monday, hitting $33.88. The company's stock had a trading volume of 953,046 shares, compared to its average volume of 1,049,447. The stock has a fifty day simple moving average of $37.69 and a 200-day simple moving average of $34.87. The company has a market capitalization of $6.25 billion, a P/E ratio of -38.50 and a beta of 0.28. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech Corporation Sponsored ADR has a twelve month low of $27.34 and a twelve month high of $52.31.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The business had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The business's quarterly revenue was up 36.8% compared to the same quarter last year. During the same period last year, the business earned ($0.05) earnings per share. On average, analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS for the current fiscal 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).