Polar Asset Management Partners Inc. Has $802,000 Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Polar Asset Management Partners Inc. increased its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 65.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 24,638 shares of the company’s stock after acquiring an additional 9,779 shares during the quarter. Polar Asset Management Partners Inc.’s holdings in Legend Biotech were worth $802,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. SG Americas Securities LLC raised its stake in Legend Biotech by 276.5% during the 4th quarter. SG Americas Securities LLC now owns 16,417 shares of the company’s stock valued at $534,000 after purchasing an additional 12,057 shares during the period. Blue Trust Inc. lifted its stake in Legend Biotech by 1,513.3% in the 4th 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 boosted its position 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 acquiring an additional 153,665 shares during the period. China Universal Asset Management Co. Ltd. grew its stake in Legend Biotech by 10.2% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company’s stock valued at $564,000 after acquiring an additional 1,609 shares in the last quarter. Finally, Exane Asset Management acquired a new position in shares of Legend Biotech in the 4th quarter valued at about $2,284,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $27.78 on Friday. The business’s 50-day simple moving average is $33.47 and its 200-day simple moving average is $35.79. Legend Biotech Co. has a 52 week low of $27.34 and a 52 week high of $60.87. 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 firm has a market cap of $5.10 billion, a price-to-earnings ratio of -29.24 and a beta of 0.20.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping 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 business had revenue of $195.05 million during the quarter, compared to analysts’ expectations of $190.83 million. As a group, equities research analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on LEGN shares. HC Wainwright restated a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a report on Wednesday, April 16th. Morgan Stanley lowered their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. Cantor Fitzgerald reissued an “overweight” rating and set a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday. Finally, Truist Financial dropped their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a research report on Wednesday. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $74.73.

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).