Resolute Capital Asset Partners LLC Buys New Stake in 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 acquired a new position in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The fund acquired 60,000 shares of the company's stock, valued at approximately $2,036,000.

Several other large investors also recently bought and sold shares of the company. Westfield Capital Management Co. LP boosted its holdings in shares of Legend Biotech by 21.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 6,917,567 shares of the company's stock worth $234,713,000 after purchasing an additional 1,203,871 shares during the last quarter. Suvretta Capital Management LLC acquired a new position in shares of Legend Biotech during the 4th quarter worth approximately $113,767,000. Braidwell LP boosted its holdings in shares of Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company's stock worth $96,903,000 after purchasing an additional 1,436,400 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its holdings in shares of Legend Biotech by 0.3% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,270,264 shares of the company's stock worth $77,030,000 after purchasing an additional 6,708 shares during the last quarter. Finally, Wellington Management Group LLP boosted its holdings in shares of Legend Biotech by 4.1% during the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company's stock worth $69,010,000 after purchasing an additional 84,405 shares during the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

LEGN has been the topic of several recent research 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 report on Wednesday, May 14th. Johnson Rice restated a "buy" rating on shares of Legend Biotech in a report on Thursday, July 17th. HC Wainwright reiterated a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research report on Thursday, July 17th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $77.00 price objective (up from $75.00) on shares of Legend Biotech in a research report on Tuesday, August 12th. Finally, JPMorgan Chase & Co. increased their price objective on Legend Biotech from $77.00 to $78.00 and gave the stock an "overweight" rating in a research report on Monday. Ten analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, Legend Biotech currently has a consensus rating of "Moderate Buy" and an average price target of $74.22.

Legend Biotech Stock Down 0.5%

Shares of NASDAQ LEGN traded down $0.18 during mid-day trading on Thursday, hitting $34.54. The company had a trading volume of 245,371 shares, compared to its average volume of 1,449,683. The company has a market capitalization of $6.35 billion, a PE ratio of -39.20 and a beta of 0.26. The business's 50-day simple moving average is $37.78 and its 200 day simple moving average is $35.11. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. Legend Biotech Corporation Sponsored ADR has a 1-year low of $27.34 and a 1-year high of $59.62.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its earnings results on Monday, August 11th. The company reported ($0.34) EPS for the quarter, missing the consensus estimate 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 net margin of 40.83% and a negative return on equity of 32.00%. The business's quarterly revenue was up 36.8% compared to the same quarter last year. During the same period last year, the company earned ($0.05) EPS. On average, analysts predict that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current year.

About Legend Biotech

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).