450,000 Shares in Legend Biotech Co. (NASDAQ:LEGN) Acquired by Tang Capital Management LLC

Tang Capital Management LLC purchased a new stake in Legend Biotech Co. (NASDAQ:LEGN) during the fourth quarter, HoldingsChannel.com reports. The fund purchased 450,000 shares of the company’s stock, valued at approximately $14,643,000. Legend Biotech makes up approximately 1.0% of Tang Capital Management LLC’s portfolio, making the stock its 28th largest holding.

A number of other institutional investors have also recently bought and sold shares of LEGN. Exane Asset Management acquired a new stake in shares of Legend Biotech during the fourth quarter worth $2,284,000. Matthews International Capital Management LLC increased its holdings in Legend Biotech by 14.9% during the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Asset Management One Co. Ltd. raised its stake in shares of 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 purchasing an additional 2,297 shares during the period. New York State Common Retirement Fund lifted its holdings in shares of Legend Biotech by 196.1% in the fourth quarter. New York State Common Retirement Fund now owns 59,276 shares of the company’s stock valued at $1,929,000 after purchasing an additional 39,256 shares in the last quarter. Finally, Blue Trust Inc. boosted its position in shares of Legend Biotech by 1,513.3% during the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after buying an additional 5,478 shares during the period. Institutional investors own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LEGN. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Legend Biotech in a research report on Wednesday, April 16th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $84.00 price target on shares of Legend Biotech in a research note on Tuesday, April 22nd. Morgan Stanley cut their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Cantor Fitzgerald restated an “overweight” rating and set a $55.00 target price on shares of Legend Biotech in a report on Wednesday. Finally, Truist Financial lowered their price target on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a research note on Wednesday. One equities 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 currently has an average rating of “Moderate Buy” and a consensus price target of $74.73.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $27.78 on Friday. The firm has a market capitalization of $5.10 billion, a P/E ratio of -29.24 and a beta of 0.20. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average price is $33.47 and its two-hundred day moving average price is $35.79. Legend Biotech Co. has a 1 year low of $27.34 and a 1 year high of $60.87.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.40) by $0.33. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company had revenue of $195.05 million for the quarter, compared to analysts’ expectations of $190.83 million. As a group, research analysts anticipate that Legend Biotech Co. will post -1.31 EPS for the current year.

About Legend Biotech

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).