Magnetar Financial LLC Takes $11.15 Million Position in Legend Biotech Co. (NASDAQ:LEGN)

Magnetar Financial LLC purchased a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 251,667 shares of the company’s stock, valued at approximately $11,146,000. Magnetar Financial LLC owned 0.14% of Legend Biotech at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in the company. Wellington Management Group LLP raised its holdings in shares of Legend Biotech by 71.6% in the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares in the last quarter. RA Capital Management L.P. raised its stake in Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after buying an additional 596,390 shares in the last quarter. Altitude Crest Partners Inc. purchased a new stake in Legend Biotech during the fourth quarter worth $32,601,000. Westfield Capital Management Co. LP boosted its position in Legend Biotech by 26.1% during the 1st quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after acquiring an additional 463,527 shares in the last quarter. Finally, Capital International Investors increased its holdings in shares of Legend Biotech by 19.5% in the 1st quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after acquiring an additional 356,387 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on LEGN. Scotiabank upped their price objective on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, August 12th. Truist Financial started coverage on shares of Legend Biotech in a research report on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective on the stock. BMO Capital Markets reissued an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Finally, TD Cowen cut their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $81.78.

Legend Biotech Trading Down 4.5 %

Shares of NASDAQ:LEGN opened at $48.53 on Monday. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a 52-week low of $38.60 and a 52-week high of $70.78. The stock has a market cap of $8.85 billion, a price-to-earnings ratio of -37.33 and a beta of 0.11. The business has a 50-day moving average price of $55.19 and a 200-day moving average price of $51.14.

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