Wellington Management Group LLP Boosts Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Wellington Management Group LLP grew its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 4.1% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,120,775 shares of the company's stock after purchasing an additional 84,405 shares during the quarter. Wellington Management Group LLP owned approximately 1.15% of Legend Biotech worth $69,010,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. Exane Asset Management purchased a new stake in Legend Biotech during the fourth quarter worth about $2,284,000. Asset Management One Co. Ltd. grew its position in shares of Legend Biotech by 26.1% in the fourth quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company's stock valued at $360,000 after purchasing an additional 2,297 shares in the last quarter. New York State Common Retirement Fund grew its holdings in 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 buying an additional 39,256 shares in the last quarter. Blue Trust Inc. grew its stake in Legend Biotech by 1,513.3% during the fourth 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. Finally, Empire Life Investments Inc. grew its stake in Legend Biotech by 38.5% during the fourth quarter. Empire Life Investments Inc. now owns 136,731 shares of the company's stock valued at $4,449,000 after acquiring an additional 38,043 shares in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LEGN has been the subject of a number of recent analyst reports. HC Wainwright restated a "buy" rating and set a $75.00 price target on shares of Legend Biotech in a research report on Wednesday, April 16th. Royal Bank of Canada restated 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 reduced their target price on Legend Biotech from $88.00 to $71.00 and set a "buy" rating for the company in a research report on Wednesday, May 14th. Morgan Stanley cut 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. Finally, Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and ten have given a buy rating to the company's stock. According to MarketBeat, Legend Biotech presently has a consensus rating of "Moderate Buy" and a consensus target price of $76.20.

Legend Biotech Price Performance

LEGN traded down $0.22 during midday trading on Friday, hitting $28.75. The stock had a trading volume of 2,148,627 shares, compared to its average volume of 1,300,515. Legend Biotech Co. has a 1 year low of $27.34 and a 1 year high of $60.87. The company has a market cap of $5.28 billion, a P/E ratio of -30.26 and a beta of 0.20. The business has a fifty day moving average of $31.79 and a 200 day moving average of $34.92. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98.

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 (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $195.05 million during the quarter, compared to analyst estimates of $190.83 million. During the same period in the prior year, the business posted ($0.16) earnings per share. The company's revenue was up 107.8% on a year-over-year basis. As a group, equities analysts forecast that Legend Biotech Co. 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).