E Fund Management Co. Ltd. Acquires 11,138 Shares of Legend Biotech Co. (NASDAQ:LEGN)

E Fund Management Co. Ltd. raised its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 21.1% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 63,897 shares of the company’s stock after purchasing an additional 11,138 shares during the period. E Fund Management Co. Ltd.’s holdings in Legend Biotech were worth $3,845,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors also recently bought and sold shares of the stock. Swiss National Bank raised its stake in shares of Legend Biotech by 10.3% in the fourth quarter. Swiss National Bank now owns 153,994 shares of the company’s stock valued at $9,266,000 after acquiring an additional 14,400 shares during the period. Parametrica Management Ltd purchased a new stake in Legend Biotech in the 4th quarter worth about $710,000. Handelsbanken Fonder AB lifted its stake in Legend Biotech by 24.1% in the fourth quarter. Handelsbanken Fonder AB now owns 39,700 shares of the company’s stock worth $2,389,000 after purchasing an additional 7,700 shares during the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in shares of Legend Biotech by 28.6% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 9,309 shares of the company’s stock valued at $560,000 after buying an additional 2,069 shares during the period. Finally, abrdn plc boosted its position in shares of Legend Biotech by 18.4% during the fourth quarter. abrdn plc now owns 15,701 shares of the company’s stock valued at $945,000 after buying an additional 2,441 shares during the period. 70.89% of the stock is currently owned by institutional investors.

Legend Biotech Stock Down 0.4 %

Shares of LEGN stock traded down $0.20 during mid-day trading on Thursday, hitting $45.52. 528,848 shares of the stock traded hands, compared to its average volume of 999,245. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. The stock has a market cap of $8.28 billion, a P/E ratio of -30.86 and a beta of 0.12. The stock’s fifty day moving average is $55.07 and its two-hundred day moving average is $58.87. Legend Biotech Co. has a 52-week low of $42.08 and a 52-week high of $77.32.

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

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on LEGN. Cantor Fitzgerald assumed coverage on Legend Biotech in a research note on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target for the company. Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price on the stock in a research note on Wednesday, April 17th. HC Wainwright reissued a “buy” rating and set a $87.00 target price on shares of Legend Biotech in a research note on Thursday. Raymond James initiated coverage on shares of Legend Biotech in a research note on Wednesday, March 13th. They issued an “outperform” rating and a $86.00 price target on the stock. Finally, UBS Group boosted their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the company a “buy” rating in a research report on Monday, March 18th. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech presently has an average rating of “Moderate Buy” and a consensus target price of $82.64.

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).