Ally Bridge Group NY LLC Acquires New Stake in Legend Biotech Co. (NASDAQ:LEGN)

Ally Bridge Group NY LLC bought a new position in Legend Biotech Co. (NASDAQ:LEGN) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 195,000 shares of the company’s stock, valued at approximately $8,637,000. Legend Biotech comprises approximately 5.1% of Ally Bridge Group NY LLC’s investment portfolio, making the stock its 6th biggest position.

A number of other institutional investors have also recently modified their holdings of LEGN. Price T Rowe Associates Inc. MD boosted its stake in Legend Biotech by 1.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company’s stock worth $614,137,000 after purchasing an additional 140,904 shares in the last quarter. RA Capital Management L.P. lifted its stake in Legend Biotech by 9.5% during the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after acquiring an additional 596,390 shares during the period. Wellington Management Group LLP raised its holdings in shares of Legend Biotech by 71.6% during 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 during the last quarter. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 26.1% during 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 during the period. Finally, Capital International Investors boosted its holdings in Legend Biotech by 19.5% in the first quarter. Capital International Investors now owns 2,181,074 shares of the company’s stock worth $122,336,000 after purchasing an additional 356,387 shares during the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

LEGN has been the subject of a number of research reports. TD Cowen decreased their target price on shares of Legend Biotech from $71.00 to $67.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Scotiabank upped their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research report on Monday, August 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Monday, August 12th. Truist Financial began coverage on Legend Biotech in a research note on Monday, June 17th. They set a “buy” rating and a $88.00 price target for the company. Finally, HC Wainwright reiterated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research note on Wednesday, August 28th. Thirteen investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $81.78.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $48.53 on Monday. The company has a quick ratio of 4.78, a current ratio of 4.84 and a debt-to-equity ratio of 0.25. Legend Biotech Co. has a 52 week low of $38.60 and a 52 week high of $70.78. The stock’s 50-day simple moving average is $55.19 and its 200-day simple moving average is $51.14. The company has a market capitalization of $8.85 billion, a price-to-earnings ratio of -37.33 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 for the quarter, topping the consensus estimate of ($0.54) by $0.49. The business had revenue of $186.50 million during the quarter, compared to the consensus estimate of $125.25 million. Legend Biotech had a negative return on equity of 23.20% and a negative net margin of 62.50%. The firm’s revenue for the quarter was up 154.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.27) EPS. As a group, analysts expect that Legend Biotech Co. will post -1.56 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).