Connor Clark & Lunn Investment Management Ltd. Has $238,000 Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Legend Biotech Co. (NASDAQ:LEGN) by 12.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 7,324 shares of the company’s stock after acquiring an additional 835 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Legend Biotech were worth $238,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of the stock. FMR LLC increased its stake in shares of Legend Biotech by 4.0% during the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after purchasing an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after buying an additional 314,449 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings in shares of Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares in the last quarter. Franklin Resources Inc. bought a new stake in shares of Legend Biotech in the third quarter valued at about $12,837,000. Finally, Los Angeles Capital Management LLC acquired a new position in shares of Legend Biotech in the fourth quarter valued at about $5,611,000. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several analysts have weighed in on LEGN shares. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley cut their price target on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. HC Wainwright raised their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research note on Wednesday, March 12th. Piper Sandler reiterated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $79.00.

Legend Biotech Price Performance

Legend Biotech stock opened at $36.95 on Monday. The company has a market capitalization of $6.79 billion, a PE ratio of -38.89 and a beta of 0.19. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average price of $36.11 and a two-hundred day moving average price of $40.05. Legend Biotech Co. has a 12 month low of $30.17 and a 12 month high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter last year, the business earned ($0.40) EPS. The firm’s quarterly revenue was up 134.6% on a year-over-year basis. Analysts expect that Legend Biotech Co. will post -1.31 EPS for the current 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).