Nordea Investment Management AB Grows Stock Holdings in Legend Biotech Co. (NASDAQ:LEGN)

Nordea Investment Management AB grew its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 14.2% during the fourth quarter, HoldingsChannel.com reports. The fund owned 266,232 shares of the company’s stock after purchasing an additional 33,024 shares during the quarter. Nordea Investment Management AB’s holdings in Legend Biotech were worth $8,684,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in LEGN. Quantbot Technologies LP purchased a new position in Legend Biotech in the third quarter valued at about $148,000. SG Americas Securities LLC purchased a new stake in shares of Legend Biotech during the 3rd quarter valued at about $212,000. Public Employees Retirement System of Ohio purchased a new stake in shares of Legend Biotech during the 3rd quarter valued at about $229,000. Vanguard Personalized Indexing Management LLC lifted its position in Legend Biotech by 31.6% during the 2nd quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock worth $290,000 after acquiring an additional 1,571 shares in the last quarter. Finally, Aigen Investment Management LP purchased a new position in Legend Biotech in the 3rd quarter worth approximately $300,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Stock Performance

Shares of LEGN opened at $32.77 on Friday. The firm has a fifty day moving average of $37.96 and a 200-day moving average of $46.51. The company has a market cap of $5.98 billion, a price-to-earnings ratio of -34.49 and a beta of 0.16. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. Legend Biotech Co. has a 1 year low of $32.08 and a 1 year high of $70.13.

Legend Biotech (NASDAQ:LEGN) last posted its 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. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same period in the previous year, the business posted ($0.17) EPS. Legend Biotech’s revenue was up 66.9% on a year-over-year basis. As a group, equities analysts anticipate that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Analyst Ratings Changes

A number of research firms have recently commented on LEGN. Piper Sandler reissued an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright reissued a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research report on Tuesday, December 10th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a report on Monday, December 9th. Finally, Redburn Atlantic assumed coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. Thirteen investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $80.62.

About Legend Biotech

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).