Legend Biotech Co. (NASDAQ:LEGN) Shares Bought by Two Sigma Advisers LP

Two Sigma Advisers LP increased its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 904.3% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 327,400 shares of the company's stock after buying an additional 294,800 shares during the quarter. Two Sigma Advisers LP owned 0.18% of Legend Biotech worth $10,654,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in LEGN. Suvretta Capital Management LLC purchased a new position in Legend Biotech during the 4th quarter worth $113,767,000. Deerfield Management Company L.P. Series C acquired a new stake in Legend Biotech during the 4th quarter worth about $50,493,000. Braidwell LP lifted its position in 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 acquiring an additional 1,436,400 shares during the period. Invesco Ltd. lifted its position in Legend Biotech by 44.7% during the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock worth $107,706,000 after acquiring an additional 1,022,365 shares during the period. Finally, Artisan Partners Limited Partnership lifted its position in Legend Biotech by 155.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock worth $48,991,000 after acquiring an additional 915,891 shares during the period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 1.7%

Legend Biotech stock traded down $0.50 during mid-day trading on Wednesday, hitting $28.26. The company's stock had a trading volume of 297,314 shares, compared to its average volume of 1,289,701. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock's fifty day moving average is $32.23 and its two-hundred day moving average is $35.12. Legend Biotech Co. has a 1 year low of $27.34 and a 1 year high of $60.87. The firm has a market capitalization of $5.19 billion, a PE ratio of -29.75 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS 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 for the quarter, compared to analysts' expectations of $190.83 million. During the same period in the prior year, the firm earned ($0.16) earnings per share. The firm's revenue was up 107.8% compared to the same quarter last year. On average, analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have commented on LEGN shares. Guggenheim reaffirmed 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 objective on shares of Legend Biotech in a report on Wednesday, May 14th. Morgan Stanley decreased their price objective on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a report on Monday, March 17th. Royal Bank of Canada reissued an "outperform" rating and issued a $84.00 price objective on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Truist Financial decreased their price objective on Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price 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).