Fmr LLC Acquires 708,620 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Fmr LLC grew its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 4.0% during the 3rd quarter, Holdings Channel reports. The fund owned 18,330,219 shares of the company’s stock after buying an additional 708,620 shares during the period. Fmr LLC owned about 0.10% of Legend Biotech worth $893,232,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also modified their holdings of LEGN. Massachusetts Financial Services Co. MA increased its position in Legend Biotech by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after buying an additional 314,449 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Legend Biotech during the 2nd quarter valued at approximately $13,487,000. Westfield Capital Management Co. LP increased its holdings in Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after acquiring an additional 266,296 shares in the last quarter. Magnetar Financial LLC bought a new stake in Legend Biotech during the 2nd quarter worth approximately $11,146,000. Finally, Ally Bridge Group NY LLC bought a new stake in Legend Biotech during the 2nd quarter worth approximately $8,637,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Trading Up 1.3 %

LEGN stock opened at $43.13 on Thursday. The firm has a fifty day moving average price of $44.44 and a 200 day moving average price of $48.01. Legend Biotech Co. has a fifty-two week low of $36.92 and a fifty-two week high of $70.13. The firm has a market cap of $7.91 billion, a PE ratio of -45.40 and a beta of 0.11. 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 (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, topping analysts’ consensus estimates of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s revenue was up 66.9% on a year-over-year basis. During the same period last year, the company posted ($0.17) EPS. Sell-side analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. HC Wainwright reiterated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, November 13th. Scotiabank increased their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a report on Tuesday, October 29th. Finally, Redburn Atlantic initiated coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective for the company. Thirteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $81.46.

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).