State Street Corp Boosts Position in Legend Biotech Co. (NASDAQ:LEGN)

State Street Corp grew its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 0.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,140,222 shares of the company’s stock after acquiring an additional 4,735 shares during the period. State Street Corp’s holdings in Legend Biotech were worth $55,563,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. FMR LLC boosted its holdings in Legend Biotech by 4.0% in the third quarter. FMR LLC now owns 18,330,219 shares of the company’s stock valued at $893,232,000 after purchasing an additional 708,620 shares during the last quarter. Massachusetts Financial Services Co. MA lifted its holdings in shares of Legend Biotech by 16.0% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock valued at $110,868,000 after buying an additional 314,449 shares during the period. Point72 Asset Management L.P. purchased a new stake in shares of Legend Biotech in the second quarter worth about $13,487,000. Westfield Capital Management Co. LP grew its holdings in Legend Biotech by 5.6% during the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after acquiring an additional 266,296 shares during the period. Finally, Magnetar Financial LLC purchased a new position in Legend Biotech during the second quarter valued at approximately $11,146,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on LEGN. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. Cantor Fitzgerald restated an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Finally, HC Wainwright restated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, December 10th. Thirteen equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $81.54.

Legend Biotech Price Performance

Legend Biotech stock opened at $33.97 on Thursday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The stock has a market cap of $6.20 billion, a P/E ratio of -35.76 and a beta of 0.08. The company has a 50-day moving average price of $41.79 and a 200 day moving average price of $47.60. Legend Biotech Co. has a 12-month low of $32.66 and a 12-month high of $70.13.

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 firm 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 business’s revenue for the quarter was up 66.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.17) EPS. Sell-side analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current 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).