Legend Biotech Co. (NASDAQ:LEGN) Position Increased by Polar Asset Management Partners Inc.

Polar Asset Management Partners Inc. grew its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 65.8% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 24,638 shares of the company’s stock after purchasing an additional 9,779 shares during the period. Polar Asset Management Partners Inc.’s holdings in Legend Biotech were worth $802,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Deerfield Management Company L.P. Series C bought a new position in Legend Biotech in the fourth quarter worth about $50,493,000. Braidwell LP raised its position in shares of Legend Biotech by 93.2% during the 4th quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock worth $96,903,000 after purchasing an additional 1,436,400 shares during the period. Invesco Ltd. lifted its holdings in shares of Legend Biotech by 44.7% in the 4th quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock worth $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Artisan Partners Limited Partnership boosted its position 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 valued at $48,991,000 after purchasing an additional 915,891 shares during the period. Finally, Renaissance Technologies LLC grew its stake in Legend Biotech by 4,917.1% during the 4th quarter. Renaissance Technologies LLC now owns 908,100 shares of the company’s stock worth $29,550,000 after buying an additional 890,000 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have recently issued reports on LEGN. Truist Financial reduced their price target on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and issued a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley decreased their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a research note on Wednesday. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $74.73.

Legend Biotech Stock Up 0.3%

Shares of LEGN stock opened at $27.78 on Friday. Legend Biotech Co. has a 1 year low of $27.34 and a 1 year high of $60.87. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The business’s fifty day moving average is $33.47 and its 200-day moving average is $35.79. The stock has a market cap of $5.10 billion, a PE ratio of -29.24 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $195.05 million for the quarter, compared to analysts’ expectations of $190.83 million. Equities analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

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).