Zurcher Kantonalbank Zurich Cantonalbank Purchases 6,366 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Zurcher Kantonalbank Zurich Cantonalbank increased its position in Legend Biotech Co. (NASDAQ:LEGN) by 25.8% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 31,070 shares of the company’s stock after buying an additional 6,366 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Legend Biotech were worth $1,376,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. Daiwa Securities Group Inc. lifted its stake in Legend Biotech by 9.0% in the 1st quarter. Daiwa Securities Group Inc. now owns 6,359 shares of the company’s stock worth $356,000 after purchasing an additional 527 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Legend Biotech during the 4th quarter valued at about $1,561,000. Massachusetts Financial Services Co. MA raised its position in shares of Legend Biotech by 6.3% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock valued at $119,427,000 after buying an additional 117,794 shares in the last quarter. TimesSquare Capital Management LLC raised its position in shares of Legend Biotech by 15.4% during the 4th quarter. TimesSquare Capital Management LLC now owns 1,065,889 shares of the company’s stock valued at $64,135,000 after buying an additional 142,118 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its position in shares of Legend Biotech by 21.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company’s stock valued at $2,949,000 after buying an additional 9,122 shares in the last quarter. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

NASDAQ LEGN opened at $57.55 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 4.78 and a current ratio of 4.84. The firm’s 50 day moving average price is $53.81 and its 200-day moving average price is $52.35. Legend Biotech Co. has a 52-week low of $38.60 and a 52-week high of $72.38. The company has a market cap of $10.49 billion, a PE ratio of -44.27 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Friday, August 9th. The company reported ($0.05) EPS for the quarter, beating analysts’ consensus estimates of ($0.54) by $0.49. Legend Biotech had a negative net margin of 62.50% and a negative return on equity of 23.20%. The company had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $125.25 million. During the same quarter in the prior year, the company posted ($0.27) earnings per share. Legend Biotech’s revenue for the quarter was up 154.4% compared to the same quarter last year. Sell-side analysts forecast that Legend Biotech Co. will post -1.56 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

LEGN has been the topic of several recent research reports. Royal Bank of Canada restated an “outperform” rating and set a $86.00 target price on shares of Legend Biotech in a research report on Monday, August 12th. BMO Capital Markets restated an “outperform” rating and set a $90.00 target price on shares of Legend Biotech in a research report on Wednesday, July 3rd. Piper Sandler restated an “overweight” rating and set a $90.00 target price on shares of Legend Biotech in a research report on Monday, June 17th. Truist Financial began coverage on shares of Legend Biotech in a research report on Monday, June 17th. They issued a “buy” rating and a $88.00 price objective on the stock. Finally, HC Wainwright reissued a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, August 28th. Thirteen equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $81.78.

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).