Voya Investment Management LLC Takes Position in Legend Biotech Corporation Sponsored ADR $LEGN

Key Points

• Voya Investment Management LLC has taken a new position in Legend Biotech, acquiring 15,827 shares valued at approximately $537,000 in the first quarter.
• Analysts have shown optimism for Legend Biotech with multiple upgrades, including target price increases from Morgan Stanley and JPMorgan Chase & Co., with the average target price now at $74.22.
• Legend Biotech's recent quarterly results revealed revenue growth of 36.8% year-over-year, despite a negative earnings per share of ($0.34), missing consensus estimates.

Voya Investment Management LLC acquired a new stake in Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm acquired 15,827 shares of the company's stock, valued at approximately $537,000.

Several other hedge funds have also added to or reduced their stakes in LEGN. GF Fund Management CO. LTD. raised its stake in shares of Legend Biotech by 22.0% during the first quarter. GF Fund Management CO. LTD. now owns 2,092 shares of the company's stock valued at $71,000 after acquiring an additional 377 shares during the last quarter. Rhumbline Advisers raised its position in Legend Biotech by 1.4% during the 1st quarter. Rhumbline Advisers now owns 28,029 shares of the company's stock worth $951,000 after purchasing an additional 391 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in Legend Biotech by 1.1% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 55,610 shares of the company's stock worth $1,887,000 after buying an additional 579 shares during the period. GAMMA Investing LLC grew its position in shares of Legend Biotech by 145.4% in the 1st quarter. GAMMA Investing LLC now owns 1,291 shares of the company's stock valued at $44,000 after buying an additional 765 shares during the last quarter. Finally, Diversified Trust Co increased its stake in shares of Legend Biotech by 1.9% in the first quarter. Diversified Trust Co now owns 46,151 shares of the company's stock valued at $1,566,000 after buying an additional 863 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

LEGN has been the topic of a number of recent analyst reports. Johnson Rice reaffirmed a "buy" rating on shares of Legend Biotech in a research note on Thursday, July 17th. Morgan Stanley upped their price objective on shares of Legend Biotech from $81.00 to $83.00 and gave the company an "overweight" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada reissued an "outperform" rating and set a $77.00 target price (up previously from $75.00) on shares of Legend Biotech in a research note on Tuesday, August 12th. JPMorgan Chase & Co. boosted their target price on shares of Legend Biotech from $77.00 to $78.00 and gave the company an "overweight" rating in a report on Monday, August 25th. Finally, UBS Group set a $54.00 price target on Legend Biotech and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Ten research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Legend Biotech presently has an average rating of "Moderate Buy" and an average target price of $74.22.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $33.37 on Friday. The business has a 50-day simple moving average of $36.61 and a 200 day simple moving average of $34.81. Legend Biotech Corporation Sponsored ADR has a one year low of $27.34 and a one year high of $51.77. The company has a debt-to-equity ratio of 0.30, a current ratio of 4.71 and a quick ratio of 4.57. The firm has a market capitalization of $6.16 billion, a price-to-earnings ratio of -37.92 and a beta of 0.28.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last announced its quarterly earnings results on Monday, August 11th. The company reported ($0.34) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.22) by ($0.12). The firm had revenue of $255.06 million during the quarter, compared to the consensus estimate of $237.49 million. Legend Biotech had a negative return on equity of 32.00% and a negative net margin of 40.83%.The firm's revenue was up 36.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.05) EPS. On average, research analysts anticipate 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).

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