Alliancebernstein L.P. Buys 164,418 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Alliancebernstein L.P. lifted its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 12.5% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 1,476,151 shares of the company’s stock after acquiring an additional 164,418 shares during the quarter. Alliancebernstein L.P. owned about 0.81% of Legend Biotech worth $48,034,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Signaturefd LLC lifted its holdings in Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after purchasing an additional 1,579 shares during the last quarter. OFI Invest Asset Management bought a new position in shares of Legend Biotech in the fourth quarter valued at approximately $77,000. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech in the third quarter worth $148,000. Blue Trust Inc. boosted its holdings 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 buying an additional 5,478 shares during the period. Finally, Public Employees Retirement System of Ohio acquired a new position in Legend Biotech in the 3rd quarter valued at $229,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Ratings Changes

LEGN has been the subject of a number of recent analyst reports. Morgan Stanley decreased their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Guggenheim restated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Stock Performance

Legend Biotech stock opened at $32.01 on Friday. The firm has a market capitalization of $5.88 billion, a P/E ratio of -33.69 and a beta of 0.21. The stock has a fifty day moving average price of $36.12 and a two-hundred day moving average price of $39.05. Legend Biotech Co. has a 52-week low of $30.17 and a 52-week high of $60.87. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

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

Legend Biotech 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).