Woodline Partners LP Boosts Stake in Legend Biotech Co. (NASDAQ:LEGN)

Woodline Partners LP boosted its position in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 10.0% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 120,304 shares of the company's stock after buying an additional 10,909 shares during the period. Woodline Partners LP owned approximately 0.07% of Legend Biotech worth $3,915,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the business. Shell Asset Management Co. lifted its stake in Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock worth $68,000 after purchasing an additional 800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Legend Biotech by 12.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company's stock worth $238,000 after buying an additional 835 shares during the last quarter. Aigen Investment Management LP grew its stake in shares of Legend Biotech by 19.6% during the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock worth $240,000 after purchasing an additional 1,206 shares during the period. Rhumbline Advisers lifted its position in shares of Legend Biotech by 5.9% in the fourth quarter. Rhumbline Advisers now owns 27,638 shares of the company's stock valued at $899,000 after acquiring an additional 1,544 shares in the last quarter. Finally, Signaturefd LLC increased its stake in Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company's stock valued at $56,000 after purchasing an additional 1,579 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on LEGN. Cantor Fitzgerald reissued an "overweight" rating and issued a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. HC Wainwright reaffirmed a "buy" rating and issued a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. Morgan Stanley decreased their price target on Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company in a research note on Monday, March 17th. Finally, Truist Financial cut 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. One analyst has rated the stock with a hold rating and ten have given a buy rating to the stock. According to MarketBeat, Legend Biotech has a consensus rating of "Moderate Buy" and a consensus price target of $76.20.

Legend Biotech Stock Down 1.6%

Shares of LEGN traded down $0.47 during midday trading on Wednesday, hitting $28.29. The stock had a trading volume of 997,402 shares, compared to its average volume of 1,292,424. Legend Biotech Co. has a twelve month low of $27.34 and a twelve month high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The company has a 50 day simple moving average of $32.23 and a two-hundred day simple moving average of $35.12. The firm has a market cap of $5.20 billion, a price-to-earnings ratio of -29.78 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted 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 business had revenue of $195.05 million during the quarter, compared to analysts' expectations of $190.83 million. During the same quarter last year, the company posted ($0.16) earnings per share. Legend Biotech's quarterly revenue was up 107.8% on a year-over-year basis. On average, analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

Legend Biotech Company 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).