Wellington Management Group LLP Has $69.01 Million Position in Legend Biotech Co. (NASDAQ:LEGN)

Wellington Management Group LLP grew its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 4.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 2,120,775 shares of the company’s stock after purchasing an additional 84,405 shares during the quarter. Wellington Management Group LLP owned approximately 1.16% of Legend Biotech worth $69,010,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Signaturefd LLC boosted its position in Legend Biotech by 1,052.7% during the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares during the period. OFI Invest Asset Management acquired a new position in shares of Legend Biotech during the fourth quarter worth $77,000. Quantbot Technologies LP acquired a new position in shares of Legend Biotech during the third quarter worth $148,000. Blue Trust Inc. grew its stake in shares of Legend Biotech by 1,513.3% in the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after purchasing an additional 5,478 shares during the last quarter. Finally, Public Employees Retirement System of Ohio acquired a new stake in Legend Biotech in the third quarter valued at $229,000. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on LEGN shares. HC Wainwright increased their price target on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Morgan Stanley dropped their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Piper Sandler reissued an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research note on Monday, December 30th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Legend Biotech Stock Performance

Shares of LEGN opened at $32.01 on Friday. Legend Biotech Co. has a one year low of $30.17 and a one year high of $60.87. The company has a market cap of $5.88 billion, a PE ratio of -33.69 and a beta of 0.21. The stock has a 50-day moving average of $36.12 and a 200-day moving average of $39.05. 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 quarterly earnings data on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. During the same quarter last year, the firm posted ($0.40) earnings per share. The company’s revenue for the quarter was up 134.6% compared to the same quarter last year. On average, equities research analysts predict that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

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).