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

Polar Asset Management Partners Inc. raised its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 65.8% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,638 shares of the company's stock after purchasing an additional 9,779 shares during the period. Polar Asset Management Partners Inc.'s holdings in Legend Biotech were worth $802,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Signaturefd LLC increased its position in shares of 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 buying an additional 1,579 shares during the period. OFI Invest Asset Management purchased a new position in shares of Legend Biotech during the 4th quarter valued at $77,000. Quadrant Capital Group LLC raised its position 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. Tower Research Capital LLC TRC grew its position in Legend Biotech by 355.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after buying an additional 3,496 shares in the last quarter. Finally, Blue Trust Inc. increased its stake 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 last quarter. Institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Down 5.8%

Shares of NASDAQ LEGN traded down $1.74 during trading hours on Wednesday, hitting $28.33. The company's stock had a trading volume of 2,779,690 shares, compared to its average volume of 1,292,230. The business has a 50-day simple moving average of $33.13 and a 200-day simple moving average of $35.58. The stock has a market cap of $5.20 billion, a price-to-earnings ratio of -29.82 and a beta of 0.20. 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 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 posted its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. During the same period in the previous year, the firm earned ($0.16) earnings per share. The business's revenue was up 107.8% compared to the same quarter last year. On average, analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

LEGN has been the subject of several recent analyst reports. HC Wainwright reissued a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Morgan Stanley reduced their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research note on Monday, March 17th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $74.73.

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).