Northern Trust Corp Purchases 200,786 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Northern Trust Corp increased its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 239.3% in the fourth quarter, according to its most recent Form 13F filing with the 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 about 0.16% of Legend Biotech worth $9,263,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently modified their holdings of LEGN. SG Americas Securities LLC lifted its stake in Legend Biotech by 276.5% in the fourth quarter. SG Americas Securities LLC now owns 16,417 shares of the company's stock valued at $534,000 after purchasing an additional 12,057 shares during the last quarter. Blue Trust Inc. grew its stake in shares of Legend Biotech by 1,513.3% during 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. Matthews International Capital Management LLC increased its holdings in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock worth $38,577,000 after acquiring an additional 153,665 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its stake in Legend Biotech by 10.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company's stock valued at $564,000 after acquiring an additional 1,609 shares during the period. Finally, Exane Asset Management purchased a new stake in Legend Biotech during the fourth quarter valued at about $2,284,000. 70.89% of the stock is owned by institutional investors.

Legend Biotech Price Performance

LEGN traded down $1.74 on Wednesday, reaching $28.33. The company had a trading volume of 2,779,690 shares, compared to its average volume of 1,290,787. Legend Biotech Co. has a 52-week low of $27.34 and a 52-week high of $60.87. The company 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. The business has a 50 day simple moving average of $33.13 and a 200 day simple moving average of $35.58.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released 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. The business had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business's quarterly revenue was up 107.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.16) EPS. As a group, sell-side analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently issued reports on LEGN shares. Royal Bank of Canada reissued 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 report on Wednesday, March 12th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a research report on Wednesday, May 14th. 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. Finally, Morgan Stanley cut their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $74.73.

Legend Biotech Company 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).