Harbor Capital Advisors Inc. Purchases 33,096 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Harbor Capital Advisors Inc. grew its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 513.8% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 39,537 shares of the company's stock after acquiring an additional 33,096 shares during the quarter. Harbor Capital Advisors Inc.'s holdings in Legend Biotech were worth $1,341,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in LEGN. Suvretta Capital Management LLC purchased a new stake in shares of Legend Biotech in the 4th quarter valued at $113,767,000. Invesco Ltd. lifted its stake in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Braidwell LP boosted its position in Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after buying an additional 1,436,400 shares during the period. Wellington Management Group LLP boosted its position in Legend Biotech by 4.1% during the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after buying an additional 84,405 shares during the period. Finally, Deerfield Management Company L.P. Series C bought a new position in shares of Legend Biotech during the fourth quarter valued at about $50,493,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 2.8%

LEGN stock traded down $1.08 on Friday, reaching $36.83. The company's stock had a trading volume of 1,553,091 shares, compared to its average volume of 1,332,279. The firm has a market cap of $6.77 billion, a PE ratio of -38.77 and a beta of 0.13. The business has a fifty day simple moving average of $31.84 and a two-hundred day simple moving average of $34.53. Legend Biotech Co. has a 12-month low of $27.34 and a 12-month high of $60.87. 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 (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. During the same period last year, the company posted ($0.16) EPS. The company's quarterly revenue was up 107.8% compared to the same quarter last year. As a group, research analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

LEGN has been the subject of a number of recent research reports. Royal Bank of Canada reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley dropped their price objective on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a research note on Wednesday, May 14th. Finally, HC Wainwright reissued a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $76.20.

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).