Alliancebernstein L.P. Raises Stock Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Alliancebernstein L.P. has increased its holdings in Legend Biotech Corporation by acquiring an additional 32,101 shares, bringing its total ownership to approximately 1.5 million shares valued at $51.2 million.
• Legend Biotech reported a 36.8% year-over-year increase in quarterly revenue, totaling $255.06 million, despite missing earnings expectations with a reported loss of ($0.34) earnings per share.
• Major research firms have shown optimism for Legend Biotech, with ten analysts issuing a Buy rating and a consensus price target of $74.22 for the stock.

Alliancebernstein L.P. raised its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 2.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,508,252 shares of the company's stock after acquiring an additional 32,101 shares during the period. Alliancebernstein L.P. owned approximately 0.82% of Legend Biotech worth $51,175,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC increased its position in shares of Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after acquiring an additional 765 shares during the last quarter. Quarry LP acquired a new stake in shares of Legend Biotech during the first quarter valued at about $48,000. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech in the fourth quarter valued at approximately $56,000. Brooklyn Investment Group boosted its stake in shares of Legend Biotech by 1,114.8% in the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock valued at $59,000 after purchasing an additional 1,583 shares during the period. Finally, Shell Asset Management Co. boosted its stake in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after purchasing an additional 800 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on LEGN. Truist Financial lowered their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Morgan Stanley raised their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, JPMorgan Chase & Co. raised their price objective on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday, August 25th. Ten equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $74.22.

Legend Biotech Stock Down 1.1%

NASDAQ LEGN traded down $0.37 on Tuesday, hitting $34.25. 1,317,139 shares of the stock were exchanged, compared to its average volume of 919,644. The company has a quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $52.31. The company has a market cap of $6.32 billion, a PE ratio of -38.92 and a beta of 0.28. The company has a 50-day moving average price of $37.85 and a 200-day moving average price of $34.96.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.12). Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm had revenue of $255.06 million for the quarter, compared to analyst estimates of $237.49 million. During the same quarter last year, the firm earned ($0.05) EPS. The company's revenue was up 36.8% on a year-over-year basis. Sell-side 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).