Parametrica Management Ltd Takes $710,000 Position in Legend Biotech Co. (NASDAQ:LEGN)

Parametrica Management Ltd bought a new stake in Legend Biotech Co. (NASDAQ:LEGN) during the fourth quarter, Holdings Channel reports. The institutional investor bought 11,800 shares of the company’s stock, valued at approximately $710,000. Legend Biotech accounts for approximately 1.2% of Parametrica Management Ltd’s investment portfolio, making the stock its 23rd largest holding.

A number of other large investors also recently modified their holdings of LEGN. Handelsbanken Fonder AB lifted its holdings in Legend Biotech by 24.1% during the fourth quarter. Handelsbanken Fonder AB now owns 39,700 shares of the company’s stock worth $2,389,000 after acquiring an additional 7,700 shares during the period. OVERSEA CHINESE BANKING Corp Ltd lifted its holdings in Legend Biotech by 28.6% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 9,309 shares of the company’s stock worth $560,000 after acquiring an additional 2,069 shares during the period. abrdn plc lifted its holdings in Legend Biotech by 18.4% during the fourth quarter. abrdn plc now owns 15,701 shares of the company’s stock worth $945,000 after acquiring an additional 2,441 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Legend Biotech by 2,134.5% during the fourth quarter. Daiwa Securities Group Inc. now owns 5,832 shares of the company’s stock worth $351,000 after acquiring an additional 5,571 shares during the period. Finally, Avior Wealth Management LLC lifted its holdings in Legend Biotech by 2.5% during the fourth quarter. Avior Wealth Management LLC now owns 7,396 shares of the company’s stock worth $445,000 after acquiring an additional 182 shares during the period. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN traded up $0.88 during mid-day trading on Friday, hitting $45.30. The company had a trading volume of 895,893 shares, compared to its average volume of 1,054,547. Legend Biotech Co. has a 1 year low of $44.06 and a 1 year high of $77.32. The stock’s 50-day moving average price is $58.06 and its 200-day moving average price is $60.14. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $8.24 billion, a price-to-earnings ratio of -30.61 and a beta of 0.01.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Monday, March 11th. The company reported ($0.40) EPS for the quarter, topping the consensus estimate of ($0.70) by $0.30. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. The firm’s revenue was up 177.2% on a year-over-year basis. On average, sell-side analysts forecast that Legend Biotech Co. will post -1.43 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts recently commented on LEGN shares. Royal Bank of Canada reiterated an “outperform” rating and set a $85.00 price target on shares of Legend Biotech in a report on Thursday, March 7th. Barclays raised their target price on Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Scotiabank raised Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, April 17th. Raymond James started coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price for the company. Finally, HC Wainwright reissued a “buy” rating and issued a $87.00 target price on shares of Legend Biotech in a research report on Tuesday. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, Legend Biotech has a consensus rating of “Moderate Buy” and an average price target of $82.64.

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).