Legend Biotech Co. (NASDAQ:LEGN) Position Increased by IvyRock Asset Management HK Ltd

IvyRock Asset Management HK Ltd raised its position in Legend Biotech Co. (NASDAQ:LEGN) by 3,827.9% during the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 267,100 shares of the company’s stock after purchasing an additional 260,300 shares during the period. Legend Biotech comprises approximately 3.8% of IvyRock Asset Management HK Ltd’s portfolio, making the stock its 7th biggest holding. IvyRock Asset Management HK Ltd owned 0.15% of Legend Biotech worth $8,691,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in LEGN. Signaturefd LLC grew its stake in Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after acquiring an additional 1,579 shares during the last quarter. OFI Invest Asset Management purchased a new stake in shares of Legend Biotech in the fourth quarter valued at about $77,000. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech in the third quarter valued at approximately $148,000. Blue Trust Inc. increased its stake in shares of Legend Biotech by 1,513.3% during the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after purchasing an additional 5,478 shares in the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new position in shares of Legend Biotech during the 3rd quarter worth approximately $229,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

LEGN has been the topic of a number of analyst reports. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. 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. Morgan Stanley cut their target price on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. HC Wainwright raised their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. 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 Monday, December 9th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Legend Biotech Price Performance

LEGN opened at $36.33 on Tuesday. Legend Biotech Co. has a 1 year low of $30.17 and a 1 year high of $60.87. 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 company’s 50 day simple moving average is $36.18 and its 200 day simple moving average is $39.93. The stock has a market capitalization of $6.67 billion, a PE ratio of -38.24 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The company had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech’s revenue for the quarter was up 134.6% on a year-over-year basis. During the same quarter last year, the business earned ($0.40) EPS. As a group, sell-side analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

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).