Lansforsakringar Fondforvaltning AB publ Takes $914,000 Position in Legend Biotech Co. (NASDAQ:LEGN)

Lansforsakringar Fondforvaltning AB publ purchased a new position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 28,093 shares of the company's stock, valued at approximately $914,000.

Other hedge funds have also modified their holdings of the company. Signaturefd LLC boosted its position in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after purchasing an additional 1,579 shares during the period. GF Fund Management CO. LTD. purchased a new position in shares of Legend Biotech in the fourth quarter worth $56,000. Shell Asset Management Co. lifted its holdings in shares of Legend Biotech by 62.0% in the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after buying an additional 800 shares in the last quarter. OFI Invest Asset Management purchased a new position in shares of Legend Biotech in the fourth quarter worth $77,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of Legend Biotech by 4,296.6% in the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company's stock worth $124,000 after buying an additional 3,738 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

LEGN has been the topic of several research analyst reports. Morgan Stanley lowered their target price 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. Truist Financial lowered their target price 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. Royal Bank of Canada reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. Cantor Fitzgerald reissued an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a report on Wednesday, May 14th. Finally, HC Wainwright reissued a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to data from MarketBeat, Legend Biotech currently has a consensus rating of "Moderate Buy" and a consensus target price of $76.20.

Legend Biotech Price Performance

Legend Biotech stock traded down $0.89 during mid-day trading on Tuesday, reaching $28.43. 1,951,588 shares of the company's stock traded hands, compared to its average volume of 1,288,491. The company has a market cap of $5.22 billion, a price-to-earnings ratio of -29.93 and a beta of 0.20. The stock has a 50 day moving average of $31.54 and a two-hundred day moving average of $34.74. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 12-month low of $27.34 and a 12-month high of $60.87.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The company had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech's revenue was up 107.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.16) earnings per share. Equities analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

About Legend Biotech

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).