Vestal Point Capital LP Purchases 350,000 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Vestal Point Capital LP boosted its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 280.0% in the fourth quarter, according to its most recent filing with the SEC. The firm owned 475,000 shares of the company's stock after acquiring an additional 350,000 shares during the period. Vestal Point Capital LP owned 0.26% of Legend Biotech worth $15,456,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Signaturefd LLC grew its position in shares of Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company's stock worth $56,000 after buying an additional 1,579 shares during the period. Shell Asset Management Co. grew its holdings in shares of Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after buying an additional 800 shares during the period. OFI Invest Asset Management bought a new stake in shares of Legend Biotech in the 4th quarter valued at $77,000. Quadrant Capital Group LLC increased its position in shares of Legend Biotech by 4,296.6% in the 4th quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company's stock valued at $124,000 after buying an additional 3,738 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its stake in Legend Biotech by 355.3% during the 4th 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 period. Institutional investors own 70.89% of the company's stock.

Legend Biotech Stock Performance

NASDAQ:LEGN traded up $0.72 on Thursday, hitting $29.05. The company's stock had a trading volume of 1,769,476 shares, compared to its average volume of 1,295,891. Legend Biotech Co. has a one year low of $27.34 and a one year high of $60.87. The firm has a market capitalization of $5.34 billion, a P/E ratio of -30.58 and a beta of 0.20. The stock has a fifty day moving average of $32.95 and a two-hundred day moving average of $35.53. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

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, beating 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 business had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. During the same quarter in the prior year, the business earned ($0.16) EPS. The firm's revenue for the quarter was up 107.8% on a year-over-year basis. Research analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

LEGN has been the subject of a number of research analyst reports. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Truist Financial reduced their target price on shares of Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research note on Wednesday, May 14th. HC Wainwright reissued a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Finally, Morgan Stanley dropped their target price on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $74.73.

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).