Legend Biotech Co. (NASDAQ:LEGN) Position Increased by Bank of America Corp DE

Bank of America Corp DE increased its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 192.2% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 710,626 shares of the company's stock after purchasing an additional 467,386 shares during the period. Bank of America Corp DE owned 0.39% of Legend Biotech worth $23,124,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. SG Americas Securities LLC lifted its stake in shares of Legend Biotech by 276.5% during the fourth quarter. SG Americas Securities LLC now owns 16,417 shares of the company's stock worth $534,000 after purchasing an additional 12,057 shares in the last quarter. Blue Trust Inc. raised its holdings in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock valued at $190,000 after buying an additional 5,478 shares during the period. Matthews International Capital Management LLC lifted its position in Legend Biotech by 14.9% during the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock worth $38,577,000 after acquiring an additional 153,665 shares in the last quarter. China Universal Asset Management Co. Ltd. boosted its holdings in Legend Biotech by 10.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company's stock worth $564,000 after acquiring an additional 1,609 shares during the period. Finally, Exane Asset Management acquired a new stake in Legend Biotech in the fourth quarter valued at approximately $2,284,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Stock Up 2.5%

Shares of Legend Biotech stock traded up $0.72 during trading on Thursday, reaching $29.05. The company had a trading volume of 1,769,476 shares, compared to its average volume of 1,294,132. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The firm's fifty day moving average is $32.95 and its 200-day moving average is $35.53. The company has a market cap of $5.34 billion, a price-to-earnings ratio of -30.58 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating 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 firm had revenue of $195.05 million during the quarter, compared to analyst estimates of $190.83 million. During the same period in the previous year, the company earned ($0.16) earnings per share. Legend Biotech's quarterly revenue was up 107.8% on a year-over-year basis. On average, analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analyst Upgrades and Downgrades

LEGN has been the topic of a number of recent research reports. Morgan Stanley reduced their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $55.00 price target on shares of Legend Biotech in a research note on Wednesday, May 14th. Royal Bank of Canada reissued an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, Truist Financial cut their price target on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $74.73.

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).