KBC Group NV Boosts Holdings in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN)

KBC Group NV raised its stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) by 105.8% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 27,048 shares of the company's stock after purchasing an additional 13,904 shares during the period. KBC Group NV's holdings in Legend Biotech were worth $918,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in LEGN. Lansforsakringar Fondforvaltning AB publ acquired a new stake in shares of Legend Biotech in the fourth quarter valued at about $914,000. JPMorgan Chase & Co. raised its position in shares of Legend Biotech by 176.0% in the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock valued at $32,475,000 after buying an additional 636,390 shares during the last quarter. First Trust Advisors LP raised its position in shares of Legend Biotech by 76.3% in the fourth quarter. First Trust Advisors LP now owns 20,669 shares of the company's stock valued at $673,000 after buying an additional 8,948 shares during the last quarter. Sei Investments Co. raised its position in shares of Legend Biotech by 29.1% in the fourth quarter. Sei Investments Co. now owns 66,855 shares of the company's stock valued at $2,175,000 after buying an additional 15,058 shares during the last quarter. Finally, Rhumbline Advisers increased its position in Legend Biotech by 5.9% during the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company's stock worth $899,000 after purchasing an additional 1,544 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LEGN has been the subject of several recent analyst reports. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the stock a "buy" rating in a research report on Wednesday. Truist Financial cut their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. Royal Bank Of Canada restated an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Finally, Morgan Stanley cut their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research report on Monday, March 17th. One research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $72.60.

Legend Biotech Trading Down 1.6%

Shares of Legend Biotech stock traded down $0.56 on Friday, reaching $35.35. The company had a trading volume of 604,100 shares, compared to its average volume of 1,367,472. The firm's 50 day moving average price is $32.56 and its two-hundred day moving average price is $34.00. The firm has a market cap of $6.50 billion, a PE ratio of -59.91 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 $60.87. 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 (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 business 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 business's revenue was up 107.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.16) EPS. Sell-side analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal year.

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).