Swiss National Bank Increases Position in Legend Biotech Co. (NASDAQ:LEGN)

Swiss National Bank lifted its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 3.3% during the third quarter, HoldingsChannel reports. The fund owned 165,194 shares of the company’s stock after acquiring an additional 5,200 shares during the quarter. Swiss National Bank’s holdings in Legend Biotech were worth $8,050,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. RA Capital Management L.P. increased its stake in shares of Legend Biotech by 9.5% during the first quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock worth $384,839,000 after acquiring an additional 596,390 shares during the period. Janus Henderson Group PLC increased its stake in shares of Legend Biotech by 8.0% during the first quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock worth $112,982,000 after acquiring an additional 148,855 shares during the period. Massachusetts Financial Services Co. MA increased its stake in shares of Legend Biotech by 3.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 1,960,709 shares of the company’s stock worth $86,840,000 after acquiring an additional 69,913 shares during the period. Federated Hermes Inc. increased its stake in shares of Legend Biotech by 0.3% during the second quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock worth $68,266,000 after acquiring an additional 4,285 shares during the period. Finally, Tri Locum Partners LP increased its stake in shares of Legend Biotech by 25.6% during the second quarter. Tri Locum Partners LP now owns 356,532 shares of the company’s stock worth $15,791,000 after acquiring an additional 72,759 shares during the period. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on LEGN. HC Wainwright reiterated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, November 13th. Scotiabank upped their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Redburn Atlantic assumed coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a “buy” rating and a $86.00 target price on the stock. Finally, 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 Tuesday, October 29th. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $81.46.

Legend Biotech Stock Up 4.3 %

LEGN stock opened at $42.69 on Tuesday. The company’s 50 day simple moving average is $44.75 and its 200-day simple moving average is $48.05. The firm has a market capitalization of $7.83 billion, a PE ratio of -44.94 and a beta of 0.11. Legend Biotech Co. has a 12 month low of $36.92 and a 12 month high of $70.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.22. The business had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s quarterly revenue was up 66.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.17) earnings per share. Equities analysts expect that Legend Biotech Co. will post -1.23 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).