Stifel Financial Corp lifted its stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 70.4% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 31,365 shares of the company's stock after purchasing an additional 12,955 shares during the quarter. Stifel Financial Corp's holdings in Legend Biotech were worth $1,021,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of LEGN. Franklin Resources Inc. purchased a new stake in shares of Legend Biotech in the third quarter valued at about $12,837,000. Nordea Investment Management AB boosted its position in shares of Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company's stock worth $8,684,000 after buying an additional 33,024 shares during the period. Diversified Trust Co grew its holdings in shares of Legend Biotech by 27.6% in the fourth quarter. Diversified Trust Co now owns 45,288 shares of the company's stock valued at $1,474,000 after purchasing an additional 9,784 shares in the last quarter. SG Americas Securities LLC grew its holdings in shares of Legend Biotech by 276.5% in the fourth quarter. SG Americas Securities LLC now owns 16,417 shares of the company's stock valued at $534,000 after purchasing an additional 12,057 shares in the last quarter. Finally, Blue Trust Inc. lifted its holdings in Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company's stock worth $190,000 after buying an additional 5,478 shares during the last quarter. Hedge funds and other institutional investors own 70.89% of the company's stock.
Legend Biotech Stock Down 8.6%
Shares of Legend Biotech stock traded down $2.67 on Wednesday, hitting $28.41. 2,130,310 shares of the company traded hands, compared to its average volume of 1,267,236. The company has a market cap of $5.22 billion, a PE ratio of -29.91 and a beta of 0.20. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 12-month low of $28.19 and a 12-month high of $60.87. The company has a 50-day moving average price of $33.94 and a 200 day moving average price of $36.15.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping 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 firm had revenue of $195.05 million for the quarter, compared to analysts' expectations of $190.83 million. Sell-side analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current year.
Analyst Upgrades and Downgrades
A number of equities analysts have commented on the stock. HC Wainwright restated a "buy" rating and set a $75.00 price objective on shares of Legend Biotech in a research report on Wednesday, April 16th. Royal Bank of Canada reaffirmed an "outperform" rating and set a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. Morgan Stanley reduced their price target on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a research report on Monday, March 17th. Cantor Fitzgerald reissued an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday. Finally, Guggenheim reissued a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $76.27.
Check Out Our Latest Report on LEGN
About Legend Biotech
(
Free Report)
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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