Tang Capital Management LLC Makes New $14.64 Million Investment in Legend Biotech Co. (NASDAQ:LEGN)

Tang Capital Management LLC acquired a new position in shares of Legend Biotech Co. (NASDAQ:LEGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 450,000 shares of the company’s stock, valued at approximately $14,643,000. Legend Biotech comprises about 1.0% of Tang Capital Management LLC’s holdings, making the stock its 28th biggest holding. Tang Capital Management LLC owned approximately 0.25% of Legend Biotech as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently added to or reduced their stakes in the company. Signaturefd LLC grew its stake in Legend Biotech by 1,052.7% during the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares during the last quarter. Shell Asset Management Co. grew its stake in Legend Biotech by 62.0% during the fourth quarter. Shell Asset Management Co. now owns 2,090 shares of the company’s stock worth $68,000 after buying an additional 800 shares during the last quarter. OFI Invest Asset Management bought a new stake in shares of Legend Biotech during the fourth quarter valued at approximately $77,000. Quadrant Capital Group LLC grew its stake in shares of Legend Biotech by 4,296.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,825 shares of the company’s stock valued at $124,000 after purchasing an additional 3,738 shares during the last quarter. Finally, Tower Research Capital LLC TRC grew its stake in shares of Legend Biotech by 355.3% during the fourth quarter. Tower Research Capital LLC TRC now owns 4,480 shares of the company’s stock valued at $146,000 after purchasing an additional 3,496 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

Legend Biotech Price Performance

Shares of LEGN stock opened at $27.78 on Friday. 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 $5.10 billion, a PE ratio of -29.24 and a beta of 0.20. 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 firm’s 50 day moving average price is $33.47 and its two-hundred day moving average price is $35.79.

Legend Biotech (NASDAQ:LEGN) last announced 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. 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. As a group, analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

Several analysts have recently commented on LEGN shares. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Truist Financial decreased their price target on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Royal Bank of Canada reissued an “outperform” rating and set a $84.00 price objective on shares of Legend Biotech in a report on Tuesday, April 22nd. Finally, Morgan Stanley dropped 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. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus 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).