Northern Trust Corp Boosts Stake in Legend Biotech Co. (NASDAQ:LEGN)

Northern Trust Corp lifted its position in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 239.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 284,678 shares of the company's stock after buying an additional 200,786 shares during the period. Northern Trust Corp owned approximately 0.16% of Legend Biotech worth $9,263,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently modified their holdings of the company. Signaturefd LLC lifted its position 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 in the last quarter. OFI Invest Asset Management purchased a new position in Legend Biotech during the fourth quarter valued at $77,000. Quadrant Capital Group LLC lifted its position in Legend Biotech by 4,296.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company's stock valued at $124,000 after purchasing an additional 3,738 shares in the last quarter. Tower Research Capital LLC TRC lifted 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 valued at $146,000 after purchasing an additional 3,496 shares in the last quarter. Finally, Blue Trust Inc. lifted its position in Legend Biotech by 1,513.3% during the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock valued at $190,000 after purchasing an additional 5,478 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

NASDAQ:LEGN traded down $0.14 on Friday, reaching $28.91. 1,513,266 shares of the company's stock traded hands, compared to its average volume of 1,292,195. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The stock has a 50-day simple moving average of $32.60 and a 200-day simple moving average of $35.32. The firm has a market cap of $5.31 billion, a PE ratio of -30.43 and a beta of 0.20. 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 quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates 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 business had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. During the same period last year, the firm earned ($0.16) earnings per share. The business's quarterly revenue was up 107.8% on a year-over-year basis. Equities research analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Wall Street Analyst Weigh In

LEGN has been the topic of several analyst reports. Truist Financial lowered their target price on Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Royal Bank of Canada reiterated an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Finally, HC Wainwright reissued a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, Legend Biotech currently has a consensus rating of "Moderate Buy" and an average price target 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).