Daiwa Securities Group Inc. Raises Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Daiwa Securities Group Inc. lifted its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 165.5% during the fourth quarter, Holdings Channel reports. The institutional investor owned 8,516 shares of the company’s stock after acquiring an additional 5,309 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Legend Biotech were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of LEGN. FMR LLC grew its position in shares of Legend Biotech by 4.0% in the 3rd quarter. FMR LLC now owns 18,330,219 shares of the company’s stock worth $893,232,000 after buying an additional 708,620 shares during the period. Massachusetts Financial Services Co. MA grew its position 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 worth $110,868,000 after buying an additional 314,449 shares during the period. Westfield Capital Management Co. LP grew its position in shares of Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after buying an additional 266,296 shares during the period. Franklin Resources Inc. purchased a new stake in shares of Legend Biotech in the 3rd quarter worth about $12,837,000. Finally, Los Angeles Capital Management LLC purchased a new stake in shares of Legend Biotech in the 4th quarter worth about $5,611,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Trading Down 2.2 %

Shares of LEGN opened at $37.20 on Monday. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a market cap of $6.79 billion, a P/E ratio of -39.16 and a beta of 0.19. Legend Biotech Co. has a 1 year low of $30.17 and a 1 year high of $65.45. The company has a 50 day simple moving average of $35.68 and a two-hundred day simple moving average of $40.74.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, March 11th. The company reported $0.07 EPS for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.46. The firm had revenue of $186.50 million during the quarter, compared to the consensus estimate of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s quarterly revenue was up 134.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.40) EPS. On average, equities analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the stock. Piper Sandler reiterated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. HC Wainwright upped their target price on shares of Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a research note on Wednesday, March 12th. 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 Monday, December 9th. Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $79.09.

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).