Massachusetts Financial Services Co. MA Purchases 69,913 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Massachusetts Financial Services Co. MA raised its position in Legend Biotech Co. (NASDAQ:LEGN) by 3.7% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,960,709 shares of the company’s stock after purchasing an additional 69,913 shares during the period. Massachusetts Financial Services Co. MA owned approximately 1.08% of Legend Biotech worth $86,840,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of LEGN. Wellington Management Group LLP increased its stake in Legend Biotech by 71.6% in the fourth quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock valued at $138,776,000 after purchasing an additional 962,381 shares in the last quarter. RA Capital Management L.P. increased its stake in Legend Biotech by 9.5% in the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares in the last quarter. Altitude Crest Partners Inc. bought a new stake in Legend Biotech in the fourth quarter valued at approximately $32,601,000. Westfield Capital Management Co. LP increased its stake in Legend Biotech by 26.1% in the first quarter. Westfield Capital Management Co. LP now owns 2,239,774 shares of the company’s stock valued at $125,629,000 after purchasing an additional 463,527 shares in the last quarter. Finally, Capital International Investors boosted its holdings in shares of Legend Biotech by 19.5% in the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock valued at $122,336,000 after buying an additional 356,387 shares during the period. Institutional investors own 70.89% of the company’s stock.

Legend Biotech Stock Performance

NASDAQ LEGN opened at $49.91 on Thursday. The company has a current ratio of 4.84, a quick ratio of 4.78 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average price is $55.26 and its two-hundred day moving average price is $51.43. Legend Biotech Co. has a 1 year low of $38.60 and a 1 year high of $70.78. The firm has a market capitalization of $9.10 billion, a P/E ratio of -38.39 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping the consensus estimate 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 firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $125.25 million. During the same period in the prior year, the firm posted ($0.27) earnings per share. The company’s quarterly revenue was up 154.4% compared to the same quarter last year. As a group, research analysts anticipate that Legend Biotech Co. will post -1.56 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently weighed in on LEGN. Piper Sandler reiterated an “overweight” rating and issued a $90.00 price target on shares of Legend Biotech in a report on Monday, June 17th. Truist Financial began coverage on shares of Legend Biotech in a report on Monday, June 17th. They issued a “buy” rating and a $88.00 price target for the company. Scotiabank upped their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a report on Monday, August 12th. BMO Capital Markets reiterated an “outperform” rating and issued a $90.00 price target on shares of Legend Biotech in a report on Wednesday, July 3rd. Finally, Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a report on Monday, August 12th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $81.78.

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).