Polar Asset Management Partners Inc. Purchases 9,779 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Polar Asset Management Partners Inc. grew its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 65.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 24,638 shares of the company's stock after purchasing an additional 9,779 shares during the quarter. Polar Asset Management Partners Inc.'s holdings in Legend Biotech were worth $802,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of LEGN. Signaturefd LLC grew its holdings in Legend Biotech by 1,052.7% during the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after purchasing an additional 1,579 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Legend Biotech during the 4th quarter worth $77,000. Quadrant Capital Group LLC grew its stake in Legend Biotech by 4,296.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company's stock valued at $124,000 after buying an additional 3,738 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Legend Biotech by 355.3% in the 4th quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after acquiring an additional 3,496 shares during the period. Finally, Blue Trust Inc. raised its holdings in Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock worth $190,000 after acquiring an additional 5,478 shares during the period. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN traded down $0.30 during midday trading on Friday, reaching $28.75. 907,505 shares of the company's stock were exchanged, compared to its average volume of 1,294,392. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The company's 50 day simple moving average is $32.78 and its two-hundred day simple moving average is $35.43. Legend Biotech Co. has a 12 month low of $27.34 and a 12 month high of $60.87. The firm has a market capitalization of $5.28 billion, a PE ratio of -30.26 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly 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 firm had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. During the same quarter last year, the company earned ($0.16) earnings per share. The company's revenue for the quarter was up 107.8% compared to the same quarter last year. Equities research analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

LEGN has been the subject of a number of recent analyst reports. Truist Financial decreased their price target on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a research note on Wednesday, April 16th. Royal Bank of Canada reaffirmed an "outperform" rating and issued a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, Morgan Stanley dropped their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $74.73.

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).