Trexquant Investment LP Buys Shares of 110,840 Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Trexquant Investment LP has made a new investment in Legend Biotech by purchasing 110,840 shares valued at approximately $3.76 million.
• Several institutional investors have recently increased their stakes in Legend Biotech, with notable increases of up to 1,114.8% by Brooklyn Investment Group.
• Analysts have set a new average target price of $74.22 for Legend Biotech, with the majority rating the stock as a "Moderate Buy".

Trexquant Investment LP bought a new stake in shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) during the 1st quarter, according to its most recent filing with the SEC. The fund bought 110,840 shares of the company's stock, valued at approximately $3,761,000. Trexquant Investment LP owned approximately 0.06% of Legend Biotech as of its most recent filing with the SEC.

Other institutional investors have also made changes to their positions in the company. GAMMA Investing LLC boosted its position in Legend Biotech by 145.4% in the first quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after buying an additional 765 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in Legend Biotech during the fourth quarter worth about $56,000. Brooklyn Investment Group grew its stake in Legend Biotech by 1,114.8% during the first quarter. Brooklyn Investment Group now owns 1,725 shares of the company's stock worth $59,000 after buying an additional 1,583 shares during the last quarter. Shell Asset Management Co. grew its stake in Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after buying an additional 800 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in Legend Biotech by 355.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company's stock worth $146,000 after buying an additional 3,496 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts have weighed in on LEGN shares. UBS Group set a $54.00 price objective on shares of Legend Biotech and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Truist Financial decreased their price objective on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research note on Wednesday, May 14th. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. JPMorgan Chase & Co. upped their target price on shares of Legend Biotech from $77.00 to $78.00 and gave the stock an "overweight" rating in a research report on Monday, August 25th. Finally, Cantor Fitzgerald reiterated an "overweight" rating and set a $66.00 target price on shares of Legend Biotech in a research report on Wednesday, August 27th. Ten equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat, Legend Biotech currently has an average rating of "Moderate Buy" and a consensus price target of $74.22.

Legend Biotech Price Performance

Shares of LEGN stock traded up $1.09 during trading hours on Friday, reaching $36.08. 1,463,731 shares of the company were exchanged, compared to its average volume of 948,219. Legend Biotech Corporation Sponsored ADR has a fifty-two week low of $27.34 and a fifty-two week high of $54.31. The stock's fifty day moving average is $37.91 and its two-hundred day moving average is $35.03. The company has a market cap of $6.66 billion, a price-to-earnings ratio of -41.00 and a beta of 0.28. 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 (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings data on Monday, August 11th. The company reported ($0.34) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.12). Legend Biotech had a negative net margin of 40.83% and a negative return on equity of 32.00%. The business had revenue of $255.06 million during the quarter, compared to analyst estimates of $237.49 million. During the same quarter in the prior year, the company earned ($0.05) earnings per share. The company's quarterly revenue was up 36.8% on a year-over-year basis. Sell-side analysts forecast that Legend Biotech Corporation Sponsored ADR will post -1.31 earnings per share for the current fiscal 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).