Advisors Asset Management Inc. Purchases 837 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Advisors Asset Management Inc. increased its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 14.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,812 shares of the company’s stock after acquiring an additional 837 shares during the period. Advisors Asset Management Inc.’s holdings in Legend Biotech were worth $332,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of LEGN. American International Group Inc. grew its stake in Legend Biotech by 50.0% in the 1st quarter. American International Group Inc. now owns 900 shares of the company’s stock valued at $50,000 after purchasing an additional 300 shares during the period. Avior Wealth Management LLC increased its holdings in Legend Biotech by 3.0% during the third quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after buying an additional 323 shares during the last quarter. Public Sector Pension Investment Board raised its position in Legend Biotech by 1.6% in the second quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock worth $1,093,000 after acquiring an additional 400 shares during the period. Sei Investments Co. raised its position in Legend Biotech by 1.5% in the second quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after acquiring an additional 702 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of Legend Biotech by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 129,359 shares of the company’s stock valued at $7,256,000 after acquiring an additional 738 shares during the period. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $43.13 on Friday. Legend Biotech Co. has a 52-week low of $36.92 and a 52-week high of $70.13. The stock has a fifty day moving average of $44.29 and a 200 day moving average of $47.98. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The firm has a market capitalization of $7.91 billion, a price-to-earnings ratio of -45.40 and a beta of 0.11.

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

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a report on Wednesday, November 13th. Scotiabank boosted their target price on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Redburn Atlantic assumed coverage on Legend Biotech in a research note on Tuesday, October 8th. They set a “buy” rating and a $86.00 price target for the company. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $86.00 price objective on shares of Legend Biotech in a report on Tuesday, October 29th. Thirteen research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $81.46.

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).