3,712 Shares in Legend Biotech Co. (NASDAQ:LEGN) Purchased by IFM Investors Pty Ltd

IFM Investors Pty Ltd purchased a new position in shares of Legend Biotech Co. (NASDAQ:LEGN) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 3,712 shares of the company’s stock, valued at approximately $208,000.

A number of other large investors have also recently made changes to their positions in LEGN. AE Wealth Management LLC raised its holdings in shares of Legend Biotech by 4.9% in the 3rd quarter. AE Wealth Management LLC now owns 7,065 shares of the company’s stock valued at $475,000 after purchasing an additional 328 shares in the last quarter. Handelsbanken Fonder AB raised its holdings in shares of Legend Biotech by 17.2% in the 3rd quarter. Handelsbanken Fonder AB now owns 32,000 shares of the company’s stock valued at $2,149,000 after purchasing an additional 4,700 shares in the last quarter. BluePath Capital Management LLC bought a new stake in shares of Legend Biotech in the 3rd quarter valued at about $32,000. Mackenzie Financial Corp raised its holdings in shares of Legend Biotech by 1,285.7% in the 3rd quarter. Mackenzie Financial Corp now owns 128,965 shares of the company’s stock valued at $8,352,000 after purchasing an additional 119,658 shares in the last quarter. Finally, Chicago Partners Investment Group LLC bought a new stake in shares of Legend Biotech in the 3rd quarter valued at about $323,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. UBS Group boosted their price target 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 began coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price objective for the company. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price objective for the company. HC Wainwright reiterated a “buy” rating and set a $87.00 price objective on shares of Legend Biotech in a research note on Tuesday, April 23rd. Finally, Barclays boosted their price objective on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and an average price target of $82.64.

Legend Biotech Stock Performance

NASDAQ:LEGN traded up $0.88 during trading hours on Friday, hitting $45.30. 895,893 shares of the company were exchanged, compared to its average volume of 1,054,547. The company’s 50 day moving average price is $58.06 and its 200-day moving average price is $60.05. The stock has a market capitalization of $8.24 billion, a price-to-earnings ratio of -30.61 and a beta of 0.01. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. Legend Biotech Co. has a 52-week low of $44.06 and a 52-week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. As a group, research analysts forecast that Legend Biotech Co. will post -1.43 earnings per share for the current 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).