Two Sigma Investments LP Acquires 581,952 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Two Sigma Investments LP grew its stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 961.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 642,452 shares of the company's stock after purchasing an additional 581,952 shares during the period. Two Sigma Investments LP owned about 0.35% of Legend Biotech worth $20,905,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Exane Asset Management acquired a new stake in Legend Biotech in the 4th quarter worth $2,284,000. Matthews International Capital Management LLC grew its position in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock worth $38,577,000 after purchasing an additional 153,665 shares during the last quarter. Asset Management One Co. Ltd. grew its position in Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company's stock worth $360,000 after purchasing an additional 2,297 shares during the last quarter. New York State Common Retirement Fund boosted its position in shares of Legend Biotech by 196.1% during the 4th quarter. New York State Common Retirement Fund now owns 59,276 shares of the company's stock valued at $1,929,000 after acquiring an additional 39,256 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock valued at $190,000 after acquiring an additional 5,478 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Price Performance

LEGN stock traded down $0.51 during trading on Tuesday, hitting $28.40. 582,802 shares of the stock traded hands, compared to its average volume of 1,288,169. 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 has a market cap of $5.22 billion, a price-to-earnings ratio of -29.86 and a beta of 0.20. The company has a 50 day simple moving average of $32.41 and a 200 day simple moving average of $35.16. Legend Biotech Co. has a one year low of $27.34 and a one year high of $60.87.

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

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on LEGN shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. Morgan Stanley decreased their target price on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Royal Bank of Canada reiterated an "outperform" rating and set a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Truist Financial decreased their target price on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating on the stock in a research report on Wednesday, May 14th. Finally, HC Wainwright reiterated a "buy" rating and set a $75.00 target price on shares of Legend Biotech in a research report on Wednesday, April 16th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus 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).