Tang Capital Management LLC Purchases Shares of 450,000 Legend Biotech Co. (NASDAQ:LEGN)

Tang Capital Management LLC purchased a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 450,000 shares of the company's stock, valued at approximately $14,643,000. Legend Biotech comprises about 1.0% of Tang Capital Management LLC's investment portfolio, making the stock its 28th largest position. Tang Capital Management LLC owned about 0.25% of Legend Biotech at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in LEGN. Shell Asset Management Co. grew its position in Legend Biotech by 62.0% during the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after acquiring an additional 800 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. boosted its stake in Legend Biotech by 12.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock worth $238,000 after purchasing an additional 835 shares in the last quarter. Aigen Investment Management LP grew its holdings in shares of Legend Biotech by 19.6% during the fourth quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock worth $240,000 after purchasing an additional 1,206 shares during the last quarter. Rhumbline Advisers increased its stake in shares of Legend Biotech by 5.9% in the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company's stock valued at $899,000 after buying an additional 1,544 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in shares of Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after buying an additional 1,579 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on LEGN. Guggenheim restated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Cantor Fitzgerald reissued an "overweight" rating and issued a $55.00 price target on shares of Legend Biotech in a report on Wednesday, May 14th. Truist Financial dropped their price objective on shares of 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 restated a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. Finally, Royal Bank of Canada restated an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $74.73.

Legend Biotech Trading Down 5.8%

NASDAQ:LEGN traded down $1.74 during mid-day trading on Wednesday, hitting $28.33. The company had a trading volume of 2,779,690 shares, compared to its average volume of 1,292,230. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. 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 market cap of $5.20 billion, a P/E ratio of -29.82 and a beta of 0.20. The business's fifty day moving average is $33.13 and its two-hundred day moving average is $35.58.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $195.05 million for the quarter, compared to the consensus estimate of $190.83 million. During the same period last year, the company posted ($0.16) EPS. Legend Biotech's revenue for the quarter was up 107.8% on a year-over-year basis. As a group, research analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current year.

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).