Vestal Point Capital LP Invests $6.09 Million in Legend Biotech Co. (NASDAQ:LEGN)

Vestal Point Capital LP acquired a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 125,000 shares of the company’s stock, valued at approximately $6,091,000. Vestal Point Capital LP owned 0.07% of Legend Biotech as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently bought and sold shares of the company. Westfield Capital Management Co. LP lifted its stake in shares of Legend Biotech by 5.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after purchasing an additional 266,296 shares during the period. Hsbc Holdings PLC boosted its stake in Legend Biotech by 9.9% in the 2nd quarter. Hsbc Holdings PLC now owns 232,560 shares of the company’s stock worth $10,296,000 after buying an additional 20,910 shares during the last quarter. Empire Life Investments Inc. grew its holdings in Legend Biotech by 75.2% in the 3rd quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock valued at $4,809,000 after buying an additional 42,368 shares during the period. Sumitomo Mitsui Trust Group Inc. increased its stake in shares of Legend Biotech by 9.0% during the 3rd quarter. Sumitomo Mitsui Trust Group Inc. now owns 177,227 shares of the company’s stock valued at $8,636,000 after acquiring an additional 14,672 shares during the last quarter. Finally, Decheng Capital LLC lifted its holdings in shares of Legend Biotech by 14.1% during the 2nd quarter. Decheng Capital LLC now owns 98,558 shares of the company’s stock worth $4,365,000 after acquiring an additional 12,195 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $43.13 on Friday. Legend Biotech Co. has a one year low of $36.92 and a one year high of $70.13. The company’s 50-day simple moving average is $44.29 and its 200-day simple moving average is $47.98. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same quarter last year, the firm earned ($0.17) EPS. The business’s revenue was up 66.9% on a year-over-year basis. As a group, research analysts forecast that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on LEGN shares. Redburn Atlantic assumed coverage on shares of Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a report on Wednesday, November 13th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Tuesday, October 29th. Finally, Scotiabank boosted their price target on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $81.46.

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).