Prudential PLC Increases Stake in Legend Biotech Co. (NASDAQ:LEGN)

Prudential PLC boosted its stake in shares of Legend Biotech Co. (NASDAQ:LEGNFree Report) by 66.8% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 14,856 shares of the company’s stock after purchasing an additional 5,949 shares during the period. Prudential PLC’s holdings in Legend Biotech were worth $894,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of the stock. Massachusetts Financial Services Co. MA grew its holdings in shares of Legend Biotech by 6.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 1,984,826 shares of the company’s stock valued at $119,427,000 after buying an additional 117,794 shares during the last quarter. Westfield Capital Management Co. LP lifted its position in Legend Biotech by 6.5% during the 4th quarter. Westfield Capital Management Co. LP now owns 1,776,247 shares of the company’s stock worth $106,877,000 after acquiring an additional 108,097 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in Legend Biotech by 101.5% during the 3rd quarter. Adage Capital Partners GP L.L.C. now owns 1,708,510 shares of the company’s stock valued at $114,761,000 after purchasing an additional 860,410 shares during the last quarter. TimesSquare Capital Management LLC increased its holdings in shares of Legend Biotech by 15.4% in the fourth quarter. TimesSquare Capital Management LLC now owns 1,065,889 shares of the company’s stock valued at $64,135,000 after purchasing an additional 142,118 shares during the period. Finally, Avidity Partners Management LP raised its stake in shares of Legend Biotech by 21.0% in the third quarter. Avidity Partners Management LP now owns 967,000 shares of the company’s stock worth $64,953,000 after purchasing an additional 168,100 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Legend Biotech stock opened at $45.54 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 5.57 and a current ratio of 5.66. The business has a 50 day simple moving average of $46.57 and a 200-day simple moving average of $55.46. Legend Biotech Co. has a 12 month low of $38.60 and a 12 month high of $77.32.

Legend Biotech (NASDAQ:LEGNGet Free Report) last issued its quarterly earnings results on Monday, May 13th. The company reported ($0.16) EPS for the quarter, topping the consensus estimate of ($0.29) by $0.13. The company had revenue of $93.90 million during the quarter, compared to analyst estimates of $143.24 million. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The firm’s revenue was up 158.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.40) EPS. Analysts anticipate that Legend Biotech Co. will post -1.93 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts recently commented on LEGN shares. Raymond James started coverage on Legend Biotech in a research report on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 target price on the stock. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price objective on the stock in a research note on Wednesday, April 17th. UBS Group raised their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a report on Monday, March 18th. Deutsche Bank Aktiengesellschaft initiated coverage on shares of Legend Biotech in a report on Thursday, May 23rd. They issued a “buy” rating and a $60.00 price target on the stock. Finally, Royal Bank of Canada lifted their price objective on Legend Biotech from $85.00 to $86.00 and gave the company an “outperform” rating in a research note on Tuesday, May 14th. Eleven analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $81.10.

Read Our Latest Report on LEGN

Legend Biotech Profile

(Free Report)

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).

Further Reading

Institutional Ownership by Quarter for Legend Biotech (NASDAQ:LEGN)

Receive News & Ratings for Legend Biotech Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Legend Biotech and related companies with MarketBeat.com's FREE daily email newsletter.