Legend Biotech Co. (NASDAQ:LEGN) Stock Position Lifted by Rhumbline Advisers

Rhumbline Advisers lifted its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 11.4% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 26,334 shares of the company’s stock after purchasing an additional 2,704 shares during the quarter. Rhumbline Advisers’ holdings in Legend Biotech were worth $1,166,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in Legend Biotech by 71.6% during the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after buying an additional 962,381 shares in the last quarter. RA Capital Management L.P. boosted its stake in Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after buying an additional 596,390 shares in the last quarter. Altitude Crest Partners Inc. bought a new position in Legend Biotech during the fourth quarter valued at about $32,601,000. Westfield Capital Management Co. LP boosted its stake in Legend Biotech by 26.1% during the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after buying an additional 463,527 shares in the last quarter. Finally, Capital International Investors boosted its stake in Legend Biotech by 19.5% during the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after buying an additional 356,387 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on LEGN. BMO Capital Markets reissued an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Wednesday, July 3rd. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Monday, August 12th. TD Cowen dropped their price target on Legend Biotech from $71.00 to $67.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Piper Sandler reissued an “overweight” rating and issued a $90.00 price target on shares of Legend Biotech in a research note on Monday, June 17th. Finally, Scotiabank lifted their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Buy” and an average target price of $81.78.

Legend Biotech Trading Down 4.5 %

Shares of NASDAQ LEGN opened at $48.53 on Monday. The firm has a market capitalization of $8.85 billion, a PE ratio of -37.33 and a beta of 0.11. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a one year low of $38.60 and a one year high of $70.78. The business has a 50-day moving average price of $55.19 and a two-hundred day moving average price of $51.14.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.49. The business had revenue of $186.50 million during 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 firm’s revenue was up 154.4% on a year-over-year basis. During the same period in the previous year, the company earned ($0.27) EPS. As a group, analysts predict that Legend Biotech Co. will post -1.56 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).