Vestal Point Capital LP Has $15.46 Million Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Vestal Point Capital LP increased its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 280.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 475,000 shares of the company’s stock after purchasing an additional 350,000 shares during the period. Vestal Point Capital LP owned approximately 0.26% of Legend Biotech worth $15,456,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the stock. Suvretta Capital Management LLC acquired a new stake in shares of Legend Biotech during the fourth quarter worth $113,767,000. Invesco Ltd. grew its stake in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after acquiring an additional 1,022,365 shares during the period. Braidwell LP lifted its holdings in shares of Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after purchasing an additional 1,436,400 shares in the last quarter. Wellington Management Group LLP lifted its holdings in shares of Legend Biotech by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock valued at $69,010,000 after purchasing an additional 84,405 shares in the last quarter. Finally, Deerfield Management Company L.P. Series C bought a new stake in shares of Legend Biotech in the fourth quarter valued at about $50,493,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Trading Up 0.3%

Shares of LEGN stock opened at $27.78 on Monday. The company has a market cap of $5.10 billion, a P/E ratio of -29.24 and a beta of 0.20. The stock has a 50 day simple moving average of $33.47 and a two-hundred day simple moving average of $35.73. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a fifty-two week low of $27.34 and a fifty-two week high of $60.87.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million for the quarter, compared to analysts’ expectations of $190.83 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. Legend Biotech’s quarterly revenue was up 107.8% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.16) earnings per share. Research analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on LEGN. Royal Bank of Canada reiterated an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a report on Tuesday, April 22nd. Morgan Stanley decreased their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. Truist Financial cut their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a research note on Wednesday, May 14th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 target price on shares of Legend Biotech in a research report on Wednesday, May 14th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and an average price target of $74.73.

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).