Hudson Bay Capital Management LP Buys New Shares in Legend Biotech Co. (NASDAQ:LEGN)

Hudson Bay Capital Management LP bought a new position in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm bought 202,500 shares of the company's stock, valued at approximately $6,589,000. Hudson Bay Capital Management LP owned approximately 0.11% of Legend Biotech as of its most recent SEC filing.

Several other large investors also recently modified their holdings of LEGN. Franklin Resources Inc. bought a new stake in shares of Legend Biotech in the 3rd quarter valued at approximately $12,837,000. SG Americas Securities LLC lifted its holdings in Legend Biotech by 276.5% during the 4th quarter. SG Americas Securities LLC now owns 16,417 shares of the company's stock worth $534,000 after buying an additional 12,057 shares in the last quarter. Blue Trust Inc. raised 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 during the last quarter. Matthews International Capital Management LLC raised its position in shares of Legend Biotech by 14.9% during the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company's stock valued at $38,577,000 after acquiring an additional 153,665 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its position in shares of Legend Biotech by 10.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company's stock valued at $564,000 after acquiring an additional 1,609 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on LEGN shares. Guggenheim reaffirmed a "neutral" rating on shares of Legend Biotech in a research note on Wednesday, March 12th. HC Wainwright reiterated a "buy" rating and issued a $75.00 target price on shares of Legend Biotech in a research note on Wednesday, April 16th. Cantor Fitzgerald reiterated an "overweight" rating and issued a $55.00 target price on shares of Legend Biotech in a research note on Wednesday. Royal Bank of Canada restated 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 price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating for the company 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. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $74.73.

Legend Biotech Price Performance

NASDAQ:LEGN traded up $0.09 during mid-day trading on Friday, reaching $27.78. The stock had a trading volume of 1,681,230 shares, compared to its average volume of 1,284,363. The stock has a 50-day simple moving average of $33.47 and a two-hundred day simple moving average of $35.79. The stock has a market capitalization of $5.10 billion, a PE ratio of -29.24 and a beta of 0.20. Legend Biotech Co. has a 12 month low of $27.34 and a 12 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.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last posted its 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 firm had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. On average, equities analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current 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).