GAMMA Investing LLC Raises Stock Holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

GAMMA Investing LLC lifted its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 8,227.8% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 43,804 shares of the company's stock after purchasing an additional 43,278 shares during the period. GAMMA Investing LLC's holdings in Legend Biotech were worth $1,486,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Asset Management One Co. Ltd. raised its stake in shares of Legend Biotech by 26.1% during the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company's stock worth $360,000 after purchasing an additional 2,297 shares during the period. New York State Common Retirement Fund raised its stake in shares of Legend Biotech by 196.1% during the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company's stock worth $1,929,000 after purchasing an additional 39,256 shares during the period. Lansforsakringar Fondforvaltning AB publ bought a new stake in shares of Legend Biotech during the 4th quarter worth $914,000. Empire Life Investments Inc. raised its stake in Legend Biotech by 38.5% in the 4th quarter. Empire Life Investments Inc. now owns 136,731 shares of the company's stock valued at $4,449,000 after acquiring an additional 38,043 shares during the period. Finally, JPMorgan Chase & Co. raised its stake in Legend Biotech by 176.0% in the 4th quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock valued at $32,475,000 after acquiring an additional 636,390 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. 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 note on Monday, March 17th. HC Wainwright restated a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research note 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 objective 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. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $76.20.

Legend Biotech Price Performance

Shares of LEGN traded up $0.19 during midday trading on Wednesday, hitting $34.89. 884,227 shares of the company traded hands, compared to its average volume of 1,340,171. The stock has a 50-day moving average of $32.17 and a 200-day moving average of $34.34. Legend Biotech Corporation Sponsored ADR has a one year low of $27.34 and a one year high of $60.87. The firm has a market cap of $6.41 billion, a P/E ratio of -59.13 and a beta of 0.13. The company has a debt-to-equity ratio of 0.30, a current ratio of 5.20 and a quick ratio of 5.07.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results 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 21.19% and a negative net margin of 29.95%. The firm had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. During the same period in the prior year, the business posted ($0.16) earnings per share. The company's revenue was up 107.8% on a year-over-year basis. As a group, sell-side analysts predict 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).