Point72 Asset Management L.P. Buys New Position in Legend Biotech Co. (NASDAQ:LEGN)

Point72 Asset Management L.P. acquired a new position in shares of Legend Biotech Co. (NASDAQ:LEGN) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 304,520 shares of the company’s stock, valued at approximately $13,487,000. Point72 Asset Management L.P. owned about 0.17% of Legend Biotech at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in LEGN. Blue Trust Inc. increased its position in shares of Legend Biotech by 10,075.0% during the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock valued at $36,000 after acquiring an additional 806 shares during the last quarter. Quarry LP bought a new position in Legend Biotech during the fourth quarter valued at about $45,000. American International Group Inc. increased its holdings in Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after buying an additional 300 shares during the last quarter. AM Squared Ltd bought a new stake in Legend Biotech in the second quarter worth about $71,000. Finally, Barometer Capital Management Inc. purchased a new position in Legend Biotech in the fourth quarter valued at about $120,000. 70.89% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently commented on LEGN. Scotiabank lifted 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. BMO Capital Markets reaffirmed an “outperform” rating and set a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. Truist Financial initiated coverage on Legend Biotech in a research note on Monday, June 17th. They set a “buy” rating and a $88.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $90.00 price objective on shares of Legend Biotech in a report on Monday, June 17th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Friday. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, Legend Biotech has a consensus rating of “Buy” and a consensus price target of $81.78.

Legend Biotech Stock Down 1.1 %

LEGN opened at $48.73 on Tuesday. The firm has a market capitalization of $8.88 billion, a P/E ratio of -37.48 and a beta of 0.11. Legend Biotech Co. has a one year low of $38.60 and a one year high of $70.78. The company has a fifty day moving average price of $53.97 and a 200-day moving average price of $50.35. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Friday, August 9th. The company reported ($0.05) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. The business had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The company’s quarterly revenue was up 154.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.27) EPS. Equities research analysts expect that Legend Biotech Co. will post -1.46 earnings per share 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).