Price T Rowe Associates Inc. MD Has $221.54 Million Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Price T Rowe Associates Inc. MD decreased its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 39.0% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,808,081 shares of the company's stock after selling 4,357,503 shares during the quarter. Price T Rowe Associates Inc. MD owned about 3.73% of Legend Biotech worth $221,535,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of LEGN. Invesco Ltd. raised its position in shares of Legend Biotech by 44.7% during the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company's stock valued at $107,706,000 after acquiring an additional 1,022,365 shares during the last quarter. Artisan Partners Limited Partnership raised its stake in Legend Biotech by 155.3% during the 4th quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company's stock worth $48,991,000 after buying an additional 915,891 shares during the period. Renaissance Technologies LLC grew its stake in Legend Biotech by 4,917.1% in the fourth quarter. Renaissance Technologies LLC now owns 908,100 shares of the company's stock valued at $29,550,000 after acquiring an additional 890,000 shares during the period. JPMorgan Chase & Co. increased its holdings in shares of Legend Biotech by 176.0% in the fourth quarter. JPMorgan Chase & Co. now owns 998,016 shares of the company's stock worth $32,475,000 after acquiring an additional 636,390 shares in the last quarter. Finally, IvyRock Asset Management HK Ltd raised its position in shares of Legend Biotech by 3,827.9% during the fourth quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company's stock worth $8,691,000 after purchasing an additional 260,300 shares during the period. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on LEGN. Morgan Stanley lowered their target price 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. HC Wainwright reaffirmed a "buy" rating and issued 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 issued a $84.00 target price on shares of Legend Biotech in a research note on Tuesday, April 22nd. Finally, Guggenheim restated a "neutral" rating on shares of Legend Biotech in a report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $78.82.

Legend Biotech Stock Down 1.8 %

Shares of NASDAQ:LEGN traded down $0.63 during midday trading on Thursday, hitting $34.33. The stock had a trading volume of 115,213 shares, compared to its average volume of 1,227,920. The company has a market cap of $6.30 billion, a P/E ratio of -36.18 and a beta of 0.21. The business's 50-day simple moving average is $34.49 and its 200-day simple moving average is $36.97. Legend Biotech Co. has a 12 month low of $29.27 and a 12 month high of $60.87. 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 (NASDAQ:LEGN - Get Free Report) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping analysts' consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million during the quarter, compared to analysts' expectations of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech's quarterly revenue was up 134.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.40) earnings per share. On average, sell-side 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).