IvyRock Asset Management HK Ltd Grows Position in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

Key Points

• IvyRock Asset Management HK Ltd increased its holdings in Legend Biotech by 216.0% in the first quarter, making it the company's third largest position, representing approximately 13.5% of IvyRock's portfolio.
• Recent analysts' ratings have been predominantly positive, with a consensus average rating of "Moderate Buy" and an average price target of $73.33 for Legend Biotech shares.
• Shares of Legend Biotech opened at $44.21, with the company reporting significant growth, including a 107.8% increase in quarterly revenue year-over-year.

IvyRock Asset Management HK Ltd boosted its holdings in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 216.0% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 844,000 shares of the company's stock after purchasing an additional 576,900 shares during the quarter. Legend Biotech comprises about 13.5% of IvyRock Asset Management HK Ltd's investment portfolio, making the stock its 3rd largest position. IvyRock Asset Management HK Ltd owned about 0.46% of Legend Biotech worth $28,637,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. GAMMA Investing LLC raised its stake in Legend Biotech by 145.4% during the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after purchasing an additional 765 shares in the last quarter. Lansforsakringar Fondforvaltning AB publ purchased a new stake in Legend Biotech during the fourth quarter valued at $914,000. JPMorgan Chase & Co. raised its stake in Legend Biotech by 176.0% during the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock valued at $32,475,000 after purchasing an additional 636,390 shares in the last quarter. First Trust Advisors LP raised its stake in Legend Biotech by 76.3% during the fourth quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock valued at $673,000 after purchasing an additional 8,948 shares in the last quarter. Finally, Sei Investments Co. raised its stake in Legend Biotech by 29.1% during the fourth quarter. Sei Investments Co. now owns 66,855 shares of the company's stock valued at $2,175,000 after purchasing an additional 15,058 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.

Legend Biotech Trading Down 0.6%

LEGN stock traded down $0.25 during trading on Tuesday, hitting $41.26. The company had a trading volume of 384,086 shares, compared to its average volume of 1,508,979. The firm has a market capitalization of $7.58 billion, a P/E ratio of -69.84 and a beta of 0.19. Legend Biotech Corporation Sponsored ADR has a 52-week low of $27.34 and a 52-week high of $59.62. The company has a 50 day simple moving average of $35.49 and a 200-day simple moving average of $34.83. The company has a quick ratio of 5.07, a current ratio of 5.20 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate 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 29.95% and a negative return on equity of 21.19%. The firm's revenue was up 107.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.16) EPS. As a group, research analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Morgan Stanley reaffirmed an "overweight" rating and set a $81.00 price target (up previously from $80.00) on shares of Legend Biotech in a research note on Thursday, July 10th. Royal Bank Of Canada reissued an "outperform" rating and issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Johnson Rice reissued a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Truist Financial reduced their target price on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note 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 research note on Thursday, July 17th. One equities research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $73.33.

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).