DekaBank Deutsche Girozentrale Boosts Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

DekaBank Deutsche Girozentrale lifted its stake in Legend Biotech Co. (NASDAQ:LEGN) by 18.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,572 shares of the company’s stock after purchasing an additional 1,792 shares during the quarter. DekaBank Deutsche Girozentrale’s holdings in Legend Biotech were worth $514,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in LEGN. Vanguard Personalized Indexing Management LLC increased its stake in shares of Legend Biotech by 5.5% in the 4th quarter. Vanguard Personalized Indexing Management LLC now owns 4,884 shares of the company’s stock worth $294,000 after acquiring an additional 253 shares during the last quarter. US Bancorp DE increased its position in Legend Biotech by 4.5% during the first quarter. US Bancorp DE now owns 6,835 shares of the company’s stock worth $383,000 after purchasing an additional 293 shares during the last quarter. American International Group Inc. raised its stake 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 purchasing an additional 300 shares during the period. Krane Funds Advisors LLC boosted its holdings in Legend Biotech by 2.3% in the 4th quarter. Krane Funds Advisors LLC now owns 20,440 shares of the company’s stock valued at $1,230,000 after purchasing an additional 451 shares during the last quarter. Finally, ProShare Advisors LLC grew its stake in shares of Legend Biotech by 9.7% in the 1st quarter. ProShare Advisors LLC now owns 5,585 shares of the company’s stock valued at $313,000 after buying an additional 494 shares during the period. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN opened at $48.53 on Friday. The company has a market cap of $8.85 billion, a P/E ratio of -37.33 and a beta of 0.11. Legend Biotech Co. has a fifty-two week low of $38.60 and a fifty-two week high of $70.78. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. The firm’s 50 day moving average price is $55.19 and its 200 day moving average price is $51.32.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data 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 revenue was up 154.4% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.27) earnings per share. On average, research analysts forecast that Legend Biotech Co. will post -1.56 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. 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. Scotiabank upped their price target on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Piper Sandler reissued an “overweight” rating and set a $90.00 price objective on shares of Legend Biotech in a research report on Monday, June 17th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Monday, August 12th. Finally, TD Cowen dropped their price target on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Thirteen equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $81.78.

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).