Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) Stock Holdings Increased by Empire Life Investments Inc.

Key Points

• Empire Life Investments Inc. increased its stake in Legend Biotech Corporation by 21.2%, owning 165,661 shares valued at approximately $5.62 million as of the latest SEC filing.
• Several other institutional investors, including Suvretta Capital Management and Deerfield Management, have also significantly increased their investments in Legend Biotech.
• Analysts have set varying price targets for Legend Biotech's stock, with a consensus target of $73.33 and a majority rating it as a "Moderate Buy."

Empire Life Investments Inc. lifted its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 21.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 165,661 shares of the company's stock after purchasing an additional 28,930 shares during the quarter. Empire Life Investments Inc. owned about 0.09% of Legend Biotech worth $5,621,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its holdings in 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 buying an additional 765 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new position in shares of Legend Biotech in the 4th quarter worth approximately $914,000. JPMorgan Chase & Co. increased its position in shares of Legend Biotech by 176.0% during the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock valued at $32,475,000 after purchasing an additional 636,390 shares during the last quarter. First Trust Advisors LP grew its holdings in Legend Biotech by 76.3% during the 4th quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock valued at $673,000 after purchasing an additional 8,948 shares during the last quarter. Finally, Sei Investments Co. lifted its stake in Legend Biotech by 29.1% in the fourth quarter. Sei Investments Co. now owns 66,855 shares of the company's stock worth $2,175,000 after purchasing an additional 15,058 shares during the last quarter. Institutional investors own 70.89% of the company's stock.

Wall Street Analysts Forecast Growth

LEGN has been the topic of several recent analyst reports. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research note on Thursday, July 17th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. UBS Group set a $54.00 price target on shares of Legend Biotech and gave the company a "buy" rating in a research note on Wednesday, July 2nd. Finally, Morgan Stanley reissued an "overweight" rating and issued a $81.00 target price (up from $80.00) on shares of Legend Biotech in a research report on Thursday, July 10th. One research analyst has rated the stock with a hold rating, nine have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and a consensus price target of $73.33.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded down $0.76 during mid-day trading on Wednesday, hitting $37.66. 1,023,019 shares of the company were exchanged, compared to its average volume of 1,325,869. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30. The firm has a market cap of $6.92 billion, a price-to-earnings ratio of -63.83 and a beta of 0.26. The stock has a 50 day simple moving average of $36.73 and a 200-day simple moving average of $35.12. Legend Biotech Corporation Sponsored ADR has a 1-year low of $27.34 and a 1-year high of $59.62.

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, beating analysts' consensus estimates of ($0.40) by $0.33. The business had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative return on equity of 21.19% and a negative net margin of 29.95%. The business's revenue for the quarter was up 107.8% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.16) earnings per share. On average, sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 EPS 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).