Sumitomo Mitsui Trust Holdings Inc. Boosts Stake in Legend Biotech Co. (NASDAQ:LEGN)

Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 15.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 163,130 shares of the company’s stock after buying an additional 22,376 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned about 0.09% of Legend Biotech worth $9,816,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of LEGN. AE Wealth Management LLC increased its stake in Legend Biotech by 4.9% in the 3rd quarter. AE Wealth Management LLC now owns 7,065 shares of the company’s stock worth $475,000 after buying an additional 328 shares during the period. Avior Wealth Management LLC boosted its holdings in shares of Legend Biotech by 50.5% in the third quarter. Avior Wealth Management LLC now owns 7,214 shares of the company’s stock valued at $485,000 after purchasing an additional 2,421 shares during the period. Mach 1 Financial Group LLC grew its stake in Legend Biotech by 4.8% in the third quarter. Mach 1 Financial Group LLC now owns 7,022 shares of the company’s stock worth $472,000 after purchasing an additional 320 shares in the last quarter. Handelsbanken Fonder AB increased its holdings in Legend Biotech by 17.2% during the 3rd quarter. Handelsbanken Fonder AB now owns 32,000 shares of the company’s stock worth $2,149,000 after purchasing an additional 4,700 shares during the period. Finally, BluePath Capital Management LLC bought a new stake in Legend Biotech during the 3rd quarter valued at $32,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages have recently commented on LEGN. HC Wainwright restated a “buy” rating and set a $87.00 price target on shares of Legend Biotech in a research note on Tuesday, April 16th. UBS Group upped their price target on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Royal Bank of Canada reissued an “outperform” rating and issued a $85.00 price objective on shares of Legend Biotech in a research note on Thursday, March 7th. Raymond James initiated coverage on Legend Biotech in a research report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price on the stock. Finally, Cantor Fitzgerald began coverage on Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 price target for the company. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $83.26.

Legend Biotech Price Performance

Legend Biotech stock opened at $47.06 on Tuesday. The stock has a market capitalization of $8.56 billion, a P/E ratio of -31.80 and a beta of 0.01. The company’s fifty day moving average price is $59.04 and its 200 day moving average price is $60.65. The company has a debt-to-equity ratio of 0.22, a quick ratio of 6.83 and a current ratio of 6.92. Legend Biotech Co. has a 1 year low of $45.52 and a 1 year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The business’s revenue for the quarter was up 177.2% on a year-over-year basis. As a group, equities research analysts anticipate that Legend Biotech Co. will post -1.43 earnings per share for the current fiscal year.

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).