Resolute Capital Asset Partners LLC Purchases Shares of 60,000 Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Resolute Capital Asset Partners LLC purchased 60,000 shares of Legend Biotech Corporation for approximately $2,036,000 in the first quarter.
• Major investors including Greenwoods Asset Management and Hsbc Holdings PLC have also increased their holdings in Legend Biotech, indicating strong institutional interest.
• Analysts have a consensus rating of "Buy" for Legend Biotech, with a revised price target of $77.00 from Royal Bank Of Canada.

Resolute Capital Asset Partners LLC purchased a new stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 60,000 shares of the company's stock, valued at approximately $2,036,000.

Several other large investors have also recently bought and sold shares of the company. Greenwoods Asset Management Hong Kong Ltd. boosted its holdings in Legend Biotech by 36.3% in the 1st quarter. Greenwoods Asset Management Hong Kong Ltd. now owns 90,109 shares of the company's stock valued at $3,057,000 after purchasing an additional 24,000 shares during the period. Groupama Asset Managment boosted its holdings in Legend Biotech by 6.8% in the 1st quarter. Groupama Asset Managment now owns 47,947 shares of the company's stock valued at $1,681,000 after purchasing an additional 3,040 shares during the period. Hsbc Holdings PLC boosted its holdings in Legend Biotech by 10.3% in the 1st quarter. Hsbc Holdings PLC now owns 429,589 shares of the company's stock valued at $14,575,000 after purchasing an additional 40,176 shares during the period. Forefront Analytics LLC bought a new position in Legend Biotech in the 1st quarter valued at $219,000. Finally, Quantbot Technologies LP boosted its holdings in Legend Biotech by 44.9% in the 1st quarter. Quantbot Technologies LP now owns 16,709 shares of the company's stock valued at $567,000 after purchasing an additional 5,177 shares during the period. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on LEGN shares. Royal Bank Of Canada reissued an "outperform" rating and issued a $77.00 price target (up from $75.00) on shares of Legend Biotech in a report on Tuesday, August 12th. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a research report on Thursday, July 17th. Cantor Fitzgerald upgraded shares of Legend Biotech to a "strong-buy" rating in a research report on Monday, August 4th. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the company a "buy" rating in a research report on Wednesday, July 2nd. Finally, HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Thursday, July 17th. One equities research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average target price of $72.38.

Legend Biotech Price Performance

Shares of NASDAQ:LEGN opened at $35.56 on Friday. The stock has a market cap of $6.53 billion, a PE ratio of -40.41 and a beta of 0.26. The company's fifty day moving average is $37.80 and its 200 day moving average is $35.15. 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 quick ratio of 4.57, a current ratio of 4.71 and a debt-to-equity ratio of 0.30.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its earnings results on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing analysts' consensus estimates of ($0.22) by ($0.12). The business had revenue of $255.06 million during the quarter, compared to analysts' expectations of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.Legend Biotech's revenue for the quarter was up 36.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.05) EPS. Research analysts anticipate that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

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).

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