Legend Biotech Co. (NASDAQ:LEGN) Stock Holdings Increased by Massachusetts Financial Services Co. MA

Massachusetts Financial Services Co. MA boosted its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 6.3% during the fourth quarter, according to its most recent disclosure with the SEC. The institutional investor owned 1,984,826 shares of the company’s stock after purchasing an additional 117,794 shares during the period. Massachusetts Financial Services Co. MA owned about 1.09% of Legend Biotech worth $119,427,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Boston Partners purchased a new stake in shares of Legend Biotech during the 4th quarter worth about $613,000. Jump Financial LLC boosted its holdings in Legend Biotech by 157.3% in the fourth quarter. Jump Financial LLC now owns 121,481 shares of the company’s stock worth $7,310,000 after purchasing an additional 74,272 shares in the last quarter. Teacher Retirement System of Texas raised its holdings in Legend Biotech by 23.2% during the fourth quarter. Teacher Retirement System of Texas now owns 14,601 shares of the company’s stock valued at $879,000 after buying an additional 2,752 shares in the last quarter. TimesSquare Capital Management LLC lifted its position in shares of Legend Biotech by 15.4% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,065,889 shares of the company’s stock worth $64,135,000 after buying an additional 142,118 shares during the last quarter. Finally, E Fund Management Co. Ltd. boosted its stake in shares of Legend Biotech by 21.1% during the 4th quarter. E Fund Management Co. Ltd. now owns 63,897 shares of the company’s stock worth $3,845,000 after acquiring an additional 11,138 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN stock traded down $0.03 during trading hours on Thursday, hitting $45.73. The company had a trading volume of 26,168 shares, compared to its average volume of 993,017. Legend Biotech Co. has a 12 month low of $42.08 and a 12 month high of $77.32. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. The firm’s fifty day moving average is $53.05 and its 200 day moving average is $58.16. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of -35.20 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.13. Legend Biotech had a negative return on equity of 27.03% and a negative net margin of 135.92%. The firm had revenue of $93.90 million for the quarter, compared to analysts’ expectations of $143.24 million. During the same period in the prior year, the business posted ($0.40) earnings per share. The business’s revenue was up 158.7% compared to the same quarter last year. On average, sell-side analysts predict that Legend Biotech Co. will post -1.6 EPS for the current fiscal year.

Analyst Ratings Changes

A number of brokerages have recently weighed in on LEGN. Cantor Fitzgerald started coverage on shares of Legend Biotech in a research note on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price objective for the company. Royal Bank of Canada boosted their price objective on Legend Biotech from $85.00 to $86.00 and gave the stock an “outperform” rating in a research report on Tuesday. Scotiabank raised Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a report on Wednesday, April 17th. HC Wainwright reiterated a “buy” rating and set a $87.00 price target on shares of Legend Biotech in a report on Thursday, May 9th. Finally, Barclays raised their price objective on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 24th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $82.74.

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).