Suvretta Capital Management LLC Buys New Stake in Legend Biotech Co. (NASDAQ:LEGN)

Suvretta Capital Management LLC bought a new stake in Legend Biotech Co. (NASDAQ:LEGN - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 3,496,234 shares of the company's stock, valued at approximately $113,767,000. Legend Biotech comprises approximately 3.9% of Suvretta Capital Management LLC's holdings, making the stock its 4th largest holding. Suvretta Capital Management LLC owned 1.91% of Legend Biotech at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in LEGN. Shell Asset Management Co. boosted its holdings in Legend Biotech by 62.0% in the 4th quarter. Shell Asset Management Co. now owns 2,090 shares of the company's stock valued at $68,000 after purchasing an additional 800 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of Legend Biotech by 12.9% during the 4th 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 in the last quarter. Aigen Investment Management LP lifted its holdings in shares of Legend Biotech by 19.6% in the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company's stock valued at $240,000 after buying an additional 1,206 shares during the period. Rhumbline Advisers boosted its stake 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 buying an additional 1,544 shares in the last quarter. Finally, Signaturefd LLC boosted its stake in shares of 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 buying an additional 1,579 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company's stock.

Legend Biotech Stock Performance

NASDAQ LEGN traded up $0.96 during trading hours on Tuesday, reaching $30.07. The company's stock had a trading volume of 1,297,295 shares, compared to its average volume of 1,284,831. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The business has a 50-day simple moving average of $33.29 and a 200 day simple moving average of $35.62. Legend Biotech Co. has a 52 week low of $27.34 and a 52 week high of $60.87. The stock has a market cap of $5.52 billion, a PE ratio of -31.65 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last released its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.40) by $0.33. The business had revenue of $195.05 million during the quarter, compared to analyst estimates of $190.83 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business's revenue for the quarter was up 107.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.16) EPS. Equities research analysts predict that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

LEGN has been the subject of several research analyst reports. Guggenheim reiterated a "neutral" rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright reiterated a "buy" rating and issued a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. Morgan Stanley decreased their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an "overweight" rating on the stock in a report on Monday, March 17th. Cantor Fitzgerald restated an "overweight" rating and set a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. Finally, Royal Bank of Canada reiterated an "outperform" rating and set a $84.00 price target on shares of Legend Biotech in a research report on Tuesday, April 22nd. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $74.73.

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).