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

Harbor Capital Advisors Inc. increased its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 513.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of the business. Suvretta Capital Management LLC purchased a new stake in Legend Biotech during the 4th quarter valued at about $113,767,000. Deerfield Management Company L.P. Series C purchased a new stake in Legend Biotech during the 4th quarter valued at about $50,493,000. Braidwell LP grew its position in Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after purchasing an additional 1,436,400 shares during the last quarter. Invesco Ltd. grew its position in Legend Biotech by 44.7% during the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Finally, Artisan Partners Limited Partnership grew its position in Legend Biotech by 155.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock valued at $48,991,000 after purchasing an additional 915,891 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

LEGN has been the topic of a number of recent analyst reports. Morgan Stanley dropped their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. HC Wainwright reaffirmed a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. Truist Financial dropped their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a report on Wednesday, May 14th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price objective on shares of Legend Biotech in a research note on Wednesday, May 14th. One investment analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $76.20.

Legend Biotech Stock Performance

NASDAQ LEGN traded down $0.99 on Monday, reaching $35.84. 1,353,211 shares of the stock were exchanged, compared to its average volume of 1,337,086. Legend Biotech Co. has a one year low of $27.34 and a one year high of $60.87. The firm has a market capitalization of $6.59 billion, a PE ratio of -37.73 and a beta of 0.13. The company's 50-day simple moving average is $32.06 and its two-hundred day simple moving average is $34.33. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping analysts' consensus estimates 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 company had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. During the same quarter last year, the business earned ($0.16) EPS. The firm's revenue was up 107.8% compared to the same quarter last year. Analysts expect that Legend Biotech Co. 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).