Alyeska Investment Group L.P. Acquires Shares of 250,000 Legend Biotech Co. (NASDAQ:LEGN)

Alyeska Investment Group L.P. acquired a new position in Legend Biotech Co. (NASDAQ:LEGN) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 250,000 shares of the company’s stock, valued at approximately $8,135,000. Alyeska Investment Group L.P. owned approximately 0.14% of Legend Biotech as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Exane Asset Management bought a new stake in Legend Biotech during the 4th quarter worth about $2,284,000. Matthews International Capital Management LLC increased its holdings in shares of 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 valued at $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Nordea Investment Management AB raised its position in Legend Biotech by 14.2% in the 4th quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock worth $8,684,000 after purchasing an additional 33,024 shares during the last quarter. Franklin Resources Inc. acquired a new position in Legend Biotech during the 3rd quarter worth $12,837,000. Finally, Asset Management One Co. Ltd. boosted its position in Legend Biotech by 26.1% in the 4th quarter. Asset Management One Co. Ltd. now owns 11,085 shares of the company’s stock valued at $360,000 after buying an additional 2,297 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Legend Biotech Price Performance

Shares of LEGN stock opened at $33.40 on Tuesday. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. Legend Biotech Co. has a 12-month low of $29.27 and a 12-month high of $60.87. The firm has a fifty day moving average of $34.29 and a 200-day moving average of $36.62. The firm has a market capitalization of $6.13 billion, a price-to-earnings ratio of -35.16 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s revenue was up 134.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.40) earnings per share. On average, equities research analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a research note on Wednesday, April 16th. Royal Bank of Canada restated an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Morgan Stanley lowered their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Finally, Guggenheim restated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, Legend Biotech has an average rating of “Moderate Buy” and a consensus target price of $78.82.

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).