Swiss National Bank Acquires 1,800 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Swiss National Bank boosted its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 1.1% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 166,994 shares of the company’s stock after acquiring an additional 1,800 shares during the quarter. Swiss National Bank owned approximately 0.09% of Legend Biotech worth $5,434,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Legend Biotech by 12.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock valued at $238,000 after purchasing an additional 835 shares during the last quarter. HighTower Advisors LLC boosted its position in Legend Biotech by 75.2% in the 4th quarter. HighTower Advisors LLC now owns 10,079 shares of the company’s stock valued at $328,000 after buying an additional 4,325 shares during the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Legend Biotech by 165.5% in the 4th quarter. Daiwa Securities Group Inc. now owns 8,516 shares of the company’s stock valued at $278,000 after buying an additional 5,309 shares during the period. OFI Invest Asset Management bought a new stake in shares of Legend Biotech during the fourth quarter worth $77,000. Finally, Candriam S.C.A. raised its position in shares of Legend Biotech by 7.5% during the fourth quarter. Candriam S.C.A. now owns 393,452 shares of the company’s stock worth $12,803,000 after acquiring an additional 27,465 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analysts Set New Price Targets

LEGN has been the subject of a number of research reports. HC Wainwright lifted their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Piper Sandler reissued an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Morgan Stanley reduced their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Cantor Fitzgerald reiterated an “overweight” rating and set a $83.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $86.00 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 issued a buy rating to the company. According to MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Legend Biotech Trading Down 1.7 %

NASDAQ:LEGN opened at $36.33 on Tuesday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The business’s 50-day simple moving average is $36.18 and its 200-day simple moving average is $39.93. Legend Biotech Co. has a fifty-two week low of $30.17 and a fifty-two week high of $60.87. The stock has a market capitalization of $6.67 billion, a PE ratio of -38.24 and a beta of 0.19.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share 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 firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the previous year, the firm posted ($0.40) earnings per share. The business’s revenue was up 134.6% on a year-over-year basis. Sell-side analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal 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).