Legend Biotech Co. (NASDAQ:LEGN) Shares Acquired by TimesSquare Capital Management LLC

TimesSquare Capital Management LLC increased its position in Legend Biotech Co. (NASDAQ:LEGN) by 8.7% in the first quarter, HoldingsChannel.com reports. The institutional investor owned 1,158,500 shares of the company’s stock after acquiring an additional 92,611 shares during the period. TimesSquare Capital Management LLC’s holdings in Legend Biotech were worth $64,980,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of LEGN. Graham Capital Management L.P. acquired a new position in shares of Legend Biotech in the third quarter valued at approximately $716,000. Handelsinvest Investeringsforvaltning acquired a new position in Legend Biotech during the fourth quarter worth approximately $404,000. SG Americas Securities LLC increased its position in Legend Biotech by 50.2% during the fourth quarter. SG Americas Securities LLC now owns 40,033 shares of the company’s stock worth $2,409,000 after purchasing an additional 13,381 shares during the last quarter. China Universal Asset Management Co. Ltd. increased its position in Legend Biotech by 350.3% during the fourth quarter. China Universal Asset Management Co. Ltd. now owns 9,222 shares of the company’s stock worth $555,000 after purchasing an additional 7,174 shares during the last quarter. Finally, Asset Management One Co. Ltd. increased its position in Legend Biotech by 6.2% during the fourth quarter. Asset Management One Co. Ltd. now owns 9,055 shares of the company’s stock worth $542,000 after purchasing an additional 526 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Up 12.1 %

Shares of LEGN stock traded up $5.87 on Friday, hitting $54.37. The stock had a trading volume of 4,891,167 shares, compared to its average volume of 743,206. The firm has a market capitalization of $9.91 billion, a price-to-earnings ratio of -41.82 and a beta of 0.11. The stock’s 50 day moving average is $44.18 and its 200-day moving average is $52.87. The company has a debt-to-equity ratio of 0.25, a quick ratio of 5.57 and a current ratio of 5.66. Legend Biotech Co. has a 52-week low of $38.60 and a 52-week high of $77.32.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13. The business had revenue of $93.90 million during the quarter, compared to the consensus estimate of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The business’s quarterly revenue was up 158.7% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.40) earnings per share. As a group, research analysts expect that Legend Biotech Co. will post -1.93 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. UBS Group upped their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Truist Financial started coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 price target for the company. Deutsche Bank Aktiengesellschaft started coverage on shares of Legend Biotech in a research report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 price objective for the company. Scotiabank raised shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective for the company in a research report on Wednesday, April 17th. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Friday, June 21st. Fourteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $82.31.

About Legend Biotech

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).