Ally Bridge Group NY LLC Takes Position in Legend Biotech Co. (NASDAQ:LEGN)

Ally Bridge Group NY LLC acquired a new position in Legend Biotech Co. (NASDAQ:LEGN) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 195,000 shares of the company’s stock, valued at approximately $8,637,000. Legend Biotech accounts for about 5.1% of Ally Bridge Group NY LLC’s holdings, making the stock its 6th largest position. Ally Bridge Group NY LLC owned 0.11% of Legend Biotech as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the business. Daiwa Securities Group Inc. boosted its holdings in shares of Legend Biotech by 9.0% in the first quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock worth $356,000 after acquiring an additional 527 shares during the period. Trexquant Investment LP bought a new position in Legend Biotech in the 4th quarter worth about $1,561,000. TimesSquare Capital Management LLC increased its position in shares of Legend Biotech by 8.7% during the first quarter. TimesSquare Capital Management LLC now owns 1,158,500 shares of the company’s stock valued at $64,980,000 after buying an additional 92,611 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Legend Biotech by 21.0% in the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock worth $2,949,000 after buying an additional 9,122 shares in the last quarter. Finally, Hsbc Holdings PLC lifted its holdings in shares of Legend Biotech by 312.1% in the fourth quarter. Hsbc Holdings PLC now owns 196,715 shares of the company’s stock worth $11,836,000 after buying an additional 148,985 shares in the last quarter. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

Shares of LEGN stock opened at $48.53 on Monday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. Legend Biotech Co. has a fifty-two week low of $38.60 and a fifty-two week high of $70.78. The company has a market capitalization of $8.85 billion, a P/E ratio of -37.33 and a beta of 0.11. The stock has a 50 day moving average price of $55.19 and a two-hundred day moving average price of $51.14.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. The firm had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The business’s revenue was up 154.4% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.27) earnings per share. Analysts expect that Legend Biotech Co. will post -1.56 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. BMO Capital Markets reiterated an “outperform” rating and issued a $90.00 target price on shares of Legend Biotech in a research note on Wednesday, July 3rd. HC Wainwright restated a “buy” rating and issued a $73.00 target price on shares of Legend Biotech in a research note on Wednesday, August 28th. TD Cowen dropped their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, August 12th. Finally, Scotiabank increased their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a report on Monday, August 12th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and a consensus target price of $81.78.

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).