Two Sigma Investments LP Acquires 581,952 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Two Sigma Investments LP raised its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 961.9% in the fourth quarter, Holdings Channel.com reports. The firm owned 642,452 shares of the company’s stock after purchasing an additional 581,952 shares during the period. Two Sigma Investments LP’s holdings in Legend Biotech were worth $20,905,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in LEGN. SG Americas Securities LLC grew its stake in shares of Legend Biotech by 276.5% in the 4th quarter. SG Americas Securities LLC now owns 16,417 shares of the company’s stock worth $534,000 after buying an additional 12,057 shares during the last quarter. Blue Trust Inc. boosted its holdings in Legend Biotech by 1,513.3% in the fourth quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after acquiring an additional 5,478 shares in the last quarter. Matthews International Capital Management LLC grew its stake 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 worth $38,577,000 after acquiring an additional 153,665 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its stake in shares of Legend Biotech by 10.2% in the fourth quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company’s stock worth $564,000 after acquiring an additional 1,609 shares during the last quarter. Finally, Exane Asset Management bought a new position in shares of Legend Biotech during the fourth quarter valued at $2,284,000. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Down 5.8%

Legend Biotech stock opened at $28.33 on Thursday. Legend Biotech Co. has a one year low of $27.34 and a one year high of $60.87. The stock has a fifty day moving average of $32.95 and a 200 day moving average of $35.53. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The stock has a market cap of $5.20 billion, a PE ratio of -29.82 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN) last released its quarterly 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 return on equity of 29.69% and a negative net margin of 66.92%. The business had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. During the same period in the previous year, the company posted ($0.16) EPS. The business’s quarterly revenue was up 107.8% compared to the same quarter last year. As a group, sell-side analysts predict that Legend Biotech Co. will post -1.31 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Truist Financial cut their price target on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. HC Wainwright restated a “buy” rating and issued a $75.00 price objective on shares of Legend Biotech in a report on Wednesday, April 16th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Finally, Morgan Stanley reduced their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price 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).