Cubist Systematic Strategies LLC Invests $2.62 Million in Legend Biotech Co. (NASDAQ:LEGN)

Cubist Systematic Strategies LLC purchased a new position in shares of Legend Biotech Co. (NASDAQ:LEGN) in the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 59,163 shares of the company’s stock, valued at approximately $2,620,000.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Price T Rowe Associates Inc. MD lifted its stake in shares of 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 acquiring an additional 140,904 shares during the period. RA Capital Management L.P. raised its stake in shares of 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 worth $384,839,000 after buying an additional 596,390 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Legend Biotech by 71.6% during the 4th quarter. Wellington Management Group LLP now owns 2,306,391 shares of the company’s stock worth $138,776,000 after buying an additional 962,381 shares in the last quarter. Westfield Capital Management Co. LP lifted its holdings 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 acquiring an additional 463,527 shares during the period. Finally, Capital International Investors grew its stake in shares of Legend Biotech by 19.5% during the 1st 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 period. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 0.5 %

Shares of Legend Biotech stock opened at $50.00 on Friday. The firm has a market cap of $9.12 billion, a PE ratio of -64.10 and a beta of 0.10. 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 fifty-two week low of $38.60 and a fifty-two week high of $70.78. The business’s fifty day moving average is $52.47 and its two-hundred day moving average is $49.76.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Friday, August 9th. The company reported ($0.05) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.54) by $0.49. The firm had revenue of $186.50 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 154.4% on a year-over-year basis. During the same period last year, the company earned ($0.27) EPS. Analysts anticipate that Legend Biotech Co. will post -1.51 earnings per share for the current year.

Analysts Set New Price Targets

LEGN has been the subject of several recent analyst reports. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Friday, September 27th. Scotiabank boosted their price target on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Redburn Atlantic started coverage on Legend Biotech in a report on Tuesday. They issued a “buy” rating and a $86.00 price target on the stock. Truist Financial began coverage on Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 target price on the stock. Finally, Piper Sandler reissued an “overweight” rating and issued a $90.00 price objective on shares of Legend Biotech in a research note on Monday, June 17th. Fourteen research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $82.08.

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).