SG Americas Securities LLC Raises Position in Legend Biotech Co. (NASDAQ:LEGN)

SG Americas Securities LLC boosted its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 276.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 16,417 shares of the company’s stock after buying an additional 12,057 shares during the period. SG Americas Securities LLC’s holdings in Legend Biotech were worth $534,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in LEGN. Quantbot Technologies LP purchased a new stake in shares of Legend Biotech during the third quarter worth approximately $148,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech during the third quarter worth $229,000. Aigen Investment Management LP purchased a new stake in shares of Legend Biotech during the third quarter worth $300,000. Dynamic Technology Lab Private Ltd acquired a new stake in shares of Legend Biotech in the third quarter valued at about $306,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of Legend Biotech in the third quarter worth about $316,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Up 2.4 %

NASDAQ LEGN opened at $38.10 on Friday. 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 stock has a market capitalization of $6.96 billion, a P/E ratio of -40.10 and a beta of 0.16. The firm’s 50-day moving average is $36.17 and its two-hundred day moving average is $45.29. Legend Biotech Co. has a 12 month low of $30.17 and a 12 month high of $70.13.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping the consensus estimate 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 firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same period in the prior year, the business posted ($0.17) EPS. The business’s revenue for the quarter was up 66.9% compared to the same quarter last year. On average, sell-side analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

A number of analysts have commented on the stock. HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a report on Tuesday, January 21st. Redburn Atlantic began coverage on Legend Biotech in a report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target for the company. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a report on Monday, December 9th. Finally, Piper Sandler reiterated an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a report on Monday, December 30th. Twelve analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $79.50.

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).