Bellevue Group AG Grows Position in Legend Biotech Co. (NASDAQ:LEGN)

Bellevue Group AG raised its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 45.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 293,270 shares of the company’s stock after purchasing an additional 91,516 shares during the quarter. Bellevue Group AG owned approximately 0.16% of Legend Biotech worth $16,450,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in Legend Biotech by 1.3% during the first quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock valued at $614,137,000 after purchasing an additional 140,904 shares during the last quarter. Wellington Management Group LLP lifted its holdings in Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares during the last quarter. Westfield Capital Management Co. LP lifted its holdings in Legend Biotech by 26.1% during the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after purchasing an additional 463,527 shares during the last quarter. Capital International Investors lifted its holdings in Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after purchasing an additional 356,387 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its holdings in Legend Biotech by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock valued at $119,427,000 after purchasing an additional 117,794 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 4.3 %

Shares of NASDAQ LEGN traded down $2.53 during mid-day trading on Friday, hitting $56.61. The stock had a trading volume of 979,061 shares, compared to its average volume of 1,209,367. 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 1 year low of $38.60 and a 1 year high of $77.30. The business has a 50 day moving average price of $46.70 and a two-hundred day moving average price of $52.71. The firm has a market cap of $10.32 billion, a P/E ratio of -43.55 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The company had revenue of $93.90 million for the quarter, compared to the consensus estimate of $143.24 million. During the same period in the previous year, the firm earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 158.7% on a year-over-year basis. On average, equities analysts anticipate that Legend Biotech Co. will post -1.94 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on LEGN shares. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Friday, June 21st. Truist Financial started coverage on shares of Legend Biotech in a report on Monday, June 17th. They issued a “buy” rating and a $88.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Thursday, July 18th. BMO Capital Markets restated an “outperform” rating and issued a $90.00 price objective on shares of Legend Biotech in a research report on Wednesday, July 3rd. Finally, Piper Sandler restated an “overweight” rating and issued a $90.00 price objective on shares of Legend Biotech in a research report on Monday, June 17th. Fourteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $81.31.

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).