Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Legend Biotech Co. (NASDAQ:LEGN - Free Report) by 15.9% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 163,130 shares of the company's stock after purchasing an additional 22,376 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned 0.09% of Legend Biotech worth $9,816,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently modified their holdings of the stock. Mirae Asset Global Investments Co. Ltd. acquired a new stake in Legend Biotech in the 4th quarter valued at about $3,640,000. Asset Management One Co. Ltd. raised its holdings in Legend Biotech by 6.2% in the 4th quarter. Asset Management One Co. Ltd. now owns 9,055 shares of the company's stock valued at $542,000 after acquiring an additional 526 shares during the last quarter. China Universal Asset Management Co. Ltd. raised its holdings in Legend Biotech by 350.3% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 9,222 shares of the company's stock valued at $555,000 after acquiring an additional 7,174 shares during the last quarter. SG Americas Securities LLC raised its holdings in Legend Biotech by 50.2% in the 4th quarter. SG Americas Securities LLC now owns 40,033 shares of the company's stock valued at $2,409,000 after acquiring an additional 13,381 shares during the last quarter. Finally, Handelsinvest Investeringsforvaltning acquired a new stake in Legend Biotech in the 4th quarter valued at about $404,000. Institutional investors and hedge funds own 70.89% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have commented on the stock. UBS Group increased their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the company a "buy" rating in a report on Monday, March 18th. Raymond James assumed coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an "outperform" rating and a $86.00 price target for the company. Barclays increased their price target on shares of Legend Biotech from $93.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday, January 24th. Royal Bank of Canada reissued an "outperform" rating and issued a $85.00 price target on shares of Legend Biotech in a research note on Thursday, March 7th. Finally, Cantor Fitzgerald assumed coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They issued an "overweight" rating and a $82.00 price target for the company. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, Legend Biotech presently has a consensus rating of "Moderate Buy" and an average price target of $83.26.
Check Out Our Latest Stock Analysis on LEGN
Legend Biotech Trading Up 0.8 %
Shares of NASDAQ:LEGN traded up $0.39 during mid-day trading on Tuesday, reaching $47.45. 1,813,170 shares of the company were exchanged, compared to its average volume of 1,003,125. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The firm has a market cap of $8.63 billion, a price-to-earnings ratio of -32.06 and a beta of 0.01. The firm's 50-day simple moving average is $58.82 and its 200 day simple moving average is $60.51. Legend Biotech Co. has a 1 year low of $45.52 and a 1 year high of $77.32.
Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.70) by $0.30. The company had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The firm's revenue for the quarter was up 177.2% on a year-over-year basis. Equities research analysts forecast that Legend Biotech Co. will post -1.43 EPS for the current year.
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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