State Street Corp Buys 4,735 Shares of Legend Biotech Co. (NASDAQ:LEGN)

State Street Corp raised its position in Legend Biotech Co. (NASDAQ:LEGN) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,140,222 shares of the company’s stock after purchasing an additional 4,735 shares during the quarter. State Street Corp owned 0.63% of Legend Biotech worth $55,563,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of LEGN. Blue Trust Inc. grew its stake in Legend Biotech by 10,075.0% in the second quarter. Blue Trust Inc. now owns 814 shares of the company’s stock worth $36,000 after purchasing an additional 806 shares in the last quarter. AM Squared Ltd bought a new position in shares of Legend Biotech during the 2nd quarter worth $71,000. Quantbot Technologies LP purchased a new position in shares of Legend Biotech during the third quarter valued at $148,000. SG Americas Securities LLC purchased a new stake in Legend Biotech in the third quarter worth about $212,000. Finally, CIBC Asset Management Inc bought a new position in Legend Biotech during the 2nd quarter worth about $283,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

Shares of LEGN stock opened at $33.97 on Thursday. The firm has a market capitalization of $6.20 billion, a price-to-earnings ratio of -35.76 and a beta of 0.08. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The stock’s 50-day simple moving average is $41.79 and its 200-day simple moving average is $47.60. Legend Biotech Co. has a fifty-two week low of $32.66 and a fifty-two week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same quarter last year, the company posted ($0.17) earnings per share. The business’s quarterly revenue was up 66.9% on a year-over-year basis. As a group, equities analysts forecast that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Tuesday, December 10th. Redburn Atlantic assumed coverage on Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average target price of $81.54.

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).