Fmr LLC Purchases 708,620 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Fmr LLC grew its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 4.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 18,330,219 shares of the company’s stock after purchasing an additional 708,620 shares during the period. Fmr LLC owned about 10.05% of Legend Biotech worth $893,232,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the company. Westfield Capital Management Co. LP boosted its stake in Legend Biotech by 5.6% in the third 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 in the last quarter. Massachusetts Financial Services Co. MA lifted its stake in Legend Biotech by 16.0% in the third quarter. Massachusetts Financial Services Co. MA now owns 2,275,158 shares of the company’s stock worth $110,868,000 after purchasing an additional 314,449 shares during the last quarter. Federated Hermes Inc. boosted its position in Legend Biotech by 0.3% during the second quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock valued at $68,266,000 after buying an additional 4,285 shares during the period. Tri Locum Partners LP grew its stake in shares of Legend Biotech by 25.6% during the second quarter. Tri Locum Partners LP now owns 356,532 shares of the company’s stock valued at $15,791,000 after buying an additional 72,759 shares during the last quarter. Finally, Point72 Asset Management L.P. bought a new stake in shares of Legend Biotech in the 2nd quarter valued at about $13,487,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Up 1.3 %

LEGN opened at $43.13 on Thursday. The stock has a market capitalization of $7.91 billion, a price-to-earnings ratio of -45.40 and a beta of 0.11. The firm has a 50 day moving average price of $44.44 and a 200-day moving average price of $48.01. Legend Biotech Co. has a twelve month low of $36.92 and a twelve month high of $70.13. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The business had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The company’s quarterly revenue was up 66.9% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.17) EPS. Equities research analysts forecast that Legend Biotech Co. will post -1.23 earnings per share for the current year.

Wall Street Analyst Weigh In

LEGN has been the subject of a number of recent analyst reports. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Scotiabank lifted their price objective on Legend Biotech from $70.00 to $76.00 and gave the company a “sector outperform” rating in a research note on Monday, August 12th. Redburn Atlantic initiated coverage on Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price on the stock. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research report on Wednesday, November 13th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $81.46.

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).