Springhill Fund Asset Management HK Co Ltd Invests $6.21 Million in Legend Biotech Co. (NASDAQ:LEGN)

Springhill Fund Asset Management HK Co Ltd bought a new position in Legend Biotech Co. (NASDAQ:LEGN) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 190,800 shares of the company’s stock, valued at approximately $6,209,000. Legend Biotech accounts for about 10.1% of Springhill Fund Asset Management HK Co Ltd’s holdings, making the stock its 2nd biggest position. Springhill Fund Asset Management HK Co Ltd owned 0.10% of Legend Biotech as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LEGN. Wellington Management Group LLP lifted its holdings in Legend Biotech by 4.1% in the 4th quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock worth $69,010,000 after buying an additional 84,405 shares during the period. Artisan Partners Limited Partnership raised its holdings in shares of Legend Biotech by 155.3% during the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock valued at $48,991,000 after acquiring an additional 915,891 shares in the last quarter. Alliancebernstein L.P. lifted its stake in Legend Biotech by 12.5% in the fourth quarter. Alliancebernstein L.P. now owns 1,476,151 shares of the company’s stock worth $48,034,000 after acquiring an additional 164,418 shares during the period. Matthews International Capital Management LLC boosted its holdings in 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 valued at $38,577,000 after acquiring an additional 153,665 shares in the last quarter. Finally, State Street Corp increased its position in Legend Biotech by 0.4% during the 3rd quarter. State Street Corp now owns 1,140,222 shares of the company’s stock valued at $55,563,000 after purchasing an additional 4,735 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

LEGN has been the subject of several research analyst reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler restated an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. HC Wainwright upped their target price on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Finally, Guggenheim restated a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Legend Biotech presently has an average rating of “Moderate Buy” and an average target price of $79.00.

Legend Biotech Stock Down 2.6 %

Shares of NASDAQ:LEGN opened at $32.01 on Friday. Legend Biotech Co. has a 12-month low of $30.17 and a 12-month high of $60.87. The stock has a market capitalization of $5.88 billion, a price-to-earnings ratio of -33.69 and a beta of 0.21. The stock has a fifty day simple moving average of $36.12 and a two-hundred day simple moving average of $38.96. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the previous year, the firm earned ($0.40) EPS. Legend Biotech’s quarterly revenue was up 134.6% compared to the same quarter last year. On average, research analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

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).