Polar Asset Management Partners Inc. Raises Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Polar Asset Management Partners Inc. grew its holdings in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 65.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 24,638 shares of the company's stock after acquiring an additional 9,779 shares during the quarter. 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 institutional investors have also recently modified their holdings of LEGN. Suvretta Capital Management LLC purchased a new position in Legend Biotech during the fourth quarter valued at approximately $113,767,000. Invesco Ltd. increased its position in shares of Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after buying an additional 1,022,365 shares in the last quarter. Braidwell LP increased its position in shares of Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company's stock valued at $96,903,000 after buying an additional 1,436,400 shares in the last quarter. Wellington Management Group LLP increased its position in shares of Legend Biotech by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock valued at $69,010,000 after buying an additional 84,405 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C purchased a new stake in shares of Legend Biotech in the fourth quarter valued at approximately $50,493,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded down $0.22 during trading hours on Friday, reaching $28.75. The stock had a trading volume of 2,148,627 shares, compared to its average volume of 1,300,515. The firm has a market cap of $5.28 billion, a price-to-earnings ratio of -30.26 and a beta of 0.20. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a fifty-two week low of $27.34 and a fifty-two week high of $60.87. The firm has a 50-day moving average of $31.79 and a 200-day moving average of $34.92.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping 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 company had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. During the same period last year, the firm earned ($0.16) EPS. The firm's revenue for the quarter was up 107.8% on a year-over-year basis. Equities research analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of research firms have recently commented on LEGN. Truist Financial cut their price objective on 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 reaffirmed a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Morgan Stanley lowered their price target 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. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, Cantor Fitzgerald reaffirmed an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a research note on Wednesday, May 14th. One analyst has rated the stock with a hold rating and ten have issued a buy rating to the company's stock. According to MarketBeat, Legend Biotech presently has an average rating of "Moderate Buy" and an average price target of $76.20.

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).