Matthews International Capital Management LLC Has $38.58 Million Stake in Legend Biotech Co. (NASDAQ:LEGN)

Matthews International Capital Management LLC boosted its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 14.9% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 1,185,516 shares of the company’s stock after acquiring an additional 153,665 shares during the period. Legend Biotech makes up approximately 7.9% of Matthews International Capital Management LLC’s holdings, making the stock its 3rd largest holding. Matthews International Capital Management LLC owned approximately 0.65% of Legend Biotech worth $38,577,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Nordea Investment Management AB boosted its position in shares of Legend Biotech by 14.2% during the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after acquiring an additional 33,024 shares in the last quarter. Franklin Resources Inc. bought a new position in Legend Biotech during the third quarter worth about $12,837,000. Westfield Capital Management Co. LP boosted its holdings in Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after purchasing an additional 266,296 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after purchasing an additional 17,337 shares during the period. Finally, Empire Life Investments Inc. lifted its position in shares of Legend Biotech by 75.2% during the 3rd quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after buying an additional 42,368 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN stock opened at $36.64 on Tuesday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 12 month low of $30.17 and a 12 month high of $70.13. The stock has a 50-day moving average price of $36.37 and a 200 day moving average price of $45.63.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same period in the prior year, the business posted ($0.17) earnings per share. Legend Biotech’s revenue was up 66.9% compared to the same quarter last year. As a group, analysts predict that Legend Biotech Co. will post -1.24 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on LEGN. HC Wainwright reiterated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Tuesday, January 21st. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $79.50.

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).