Legend Biotech Co. (NASDAQ:LEGN) Shares Acquired by Prudential PLC

Prudential PLC boosted its position in Legend Biotech Co. (NASDAQ:LEGN) by 47.5% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 39,566 shares of the company’s stock after purchasing an additional 12,744 shares during the period. Prudential PLC’s holdings in Legend Biotech were worth $1,287,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Exane Asset Management acquired a new stake in shares of Legend Biotech in the fourth quarter valued at $2,284,000. Matthews International Capital Management LLC raised its position in Legend Biotech by 14.9% in the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Nordea Investment Management AB lifted its holdings in Legend Biotech by 14.2% in the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after acquiring an additional 33,024 shares during the last quarter. Franklin Resources Inc. bought a new position in shares of Legend Biotech during the 3rd quarter valued at about $12,837,000. Finally, Geode Capital Management LLC grew its stake in shares of Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock worth $23,933,000 after purchasing an additional 17,337 shares during the last quarter. 70.89% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley cut their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Piper Sandler restated an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Guggenheim reaffirmed a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, Legend Biotech has a consensus rating of “Moderate Buy” and a consensus price target of $79.00.

Legend Biotech Trading Down 5.5 %

Shares of NASDAQ LEGN opened at $30.25 on Tuesday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a one year low of $29.31 and a one year high of $60.87. The business has a 50-day moving average price of $36.00 and a two-hundred day moving average price of $38.74. The firm has a market capitalization of $5.56 billion, a PE ratio of -31.84 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, topping the consensus estimate 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 analysts’ expectations of $179.00 million. During the same period last year, the company posted ($0.40) earnings per share. The firm’s quarterly revenue was up 134.6% compared to the same quarter last year. As a group, analysts predict 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).