Legend Biotech Co. (NASDAQ:LEGN) Shares Bought by Handelsbanken Fonder AB

Handelsbanken Fonder AB grew its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 24.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 39,700 shares of the company’s stock after acquiring an additional 7,700 shares during the period. Handelsbanken Fonder AB’s holdings in Legend Biotech were worth $2,389,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of LEGN. Adage Capital Partners GP L.L.C. lifted its position in shares of 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 acquiring an additional 860,410 shares during the period. Westfield Capital Management Co. LP raised its position in shares of Legend Biotech by 71.6% during the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock worth $112,050,000 after purchasing an additional 696,096 shares during the last quarter. Braidwell LP raised its position in shares of Legend Biotech by 58.1% during the 3rd quarter. Braidwell LP now owns 879,564 shares of the company’s stock worth $59,080,000 after purchasing an additional 323,263 shares during the last quarter. Massachusetts Financial Services Co. MA raised its position in shares of Legend Biotech by 12.8% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 1,867,032 shares of the company’s stock worth $125,409,000 after purchasing an additional 212,327 shares during the last quarter. Finally, Barclays PLC raised its position in shares of Legend Biotech by 235.7% during the 3rd quarter. Barclays PLC now owns 281,094 shares of the company’s stock worth $18,881,000 after purchasing an additional 197,357 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

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

Legend Biotech Stock Up 2.0 %

Shares of NASDAQ LEGN opened at $45.30 on Friday. Legend Biotech Co. has a 52-week low of $44.06 and a 52-week high of $77.32. The firm has a fifty day moving average of $58.06 and a 200-day moving average of $60.14. The stock has a market capitalization of $8.24 billion, a PE ratio of -30.61 and a beta of 0.01. The company has a quick ratio of 6.83, a current ratio of 6.92 and a debt-to-equity ratio of 0.22.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings data 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. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The company had revenue of $76.50 million during the quarter, compared to analysts’ expectations of $95.63 million. The firm’s quarterly revenue was up 177.2% compared to the same quarter last year. On average, analysts anticipate that Legend Biotech Co. will post -1.43 EPS for the current year.

Legend Biotech Company 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).