iA Global Asset Management Inc. Grows Stock Position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

Key Points

• iA Global Asset Management Inc. increased its stake in Legend Biotech by 120.7% to hold a total of 168,561 shares valued at approximately $5.7 million.
• Significant activity among institutional investors includes Westfield Capital Management increasing its position by 21.1% and Braidwell LP lifting its holdings by 93.2% in the previous quarter.
• Analyst ratings are largely positive with an average rating of "Buy" and a target price of $73.33, despite a recent downgrade from Truist Financial.

iA Global Asset Management Inc. boosted its stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 120.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 168,561 shares of the company's stock after buying an additional 92,181 shares during the period. iA Global Asset Management Inc. owned approximately 0.09% of Legend Biotech worth $5,719,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of LEGN. Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 21.1% during the first quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after buying an additional 1,203,871 shares in the last quarter. Suvretta Capital Management LLC acquired a new position in shares of Legend Biotech during the fourth quarter worth about $113,767,000. Invesco Ltd. grew its position in shares of Legend Biotech by 44.7% during the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after buying an additional 1,022,365 shares in the last quarter. Braidwell LP grew its position in shares of Legend Biotech by 93.2% during the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after buying an additional 1,436,400 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Legend Biotech by 0.3% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock worth $77,030,000 after buying an additional 6,708 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

NASDAQ LEGN traded down $0.43 on Friday, reaching $37.00. The stock had a trading volume of 1,177,655 shares, compared to its average volume of 1,294,470. The company has a debt-to-equity ratio of 0.30, a quick ratio of 5.07 and a current ratio of 5.20. Legend Biotech Corporation Sponsored ADR has a 12-month low of $27.34 and a 12-month high of $59.62. The business's 50-day moving average price is $37.25 and its 200 day moving average price is $35.17. The stock has a market cap of $6.80 billion, a P/E ratio of -62.71 and a beta of 0.26.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates 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 company had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. During the same quarter in the previous year, the business earned ($0.16) earnings per share. The firm's revenue for the quarter was up 107.8% on a year-over-year basis. As a group, equities analysts expect that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Royal Bank Of Canada reissued an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. HC Wainwright reissued a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Thursday, July 17th. Truist Financial lowered their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. UBS Group set a $54.00 price target on Legend Biotech and gave the company a "buy" rating in a report on Wednesday, July 2nd. Finally, Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. One research analyst has rated the stock with a hold rating, nine have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average price target of $73.33.

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).