First Trust Advisors LP Acquires 172,980 Shares of Legend Biotech Co. (NASDAQ:LEGN)

First Trust Advisors LP increased its stake in Legend Biotech Co. (NASDAQ:LEGN – Get Rating) by 223.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 250,336 shares of the company’s stock after acquiring an additional 172,980 shares during the period. First Trust Advisors LP owned approximately 0.15% of Legend Biotech worth $10,214,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp lifted its holdings in shares of Legend Biotech by 26.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 50,714 shares of the company’s stock worth $2,069,000 after acquiring an additional 10,574 shares during the last quarter. BlackRock Inc. lifted its stake in Legend Biotech by 18.5% in the third quarter. BlackRock Inc. now owns 3,731,782 shares of the company’s stock worth $152,256,000 after purchasing an additional 583,851 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec lifted its stake in Legend Biotech by 1.9% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 17,853 shares of the company’s stock worth $728,000 after purchasing an additional 328 shares during the last quarter. Clough Capital Partners L P boosted its position in shares of Legend Biotech by 6.3% during the third quarter. Clough Capital Partners L P now owns 158,225 shares of the company’s stock valued at $6,456,000 after buying an additional 9,400 shares during the period. Finally, Macquarie Group Ltd. grew its stake in shares of Legend Biotech by 78.5% during the third quarter. Macquarie Group Ltd. now owns 2,951 shares of the company’s stock valued at $121,000 after buying an additional 1,298 shares during the last quarter. 38.88% of the stock is owned by institutional investors.

Legend Biotech Price Performance

NASDAQ LEGN opened at $43.42 on Monday. The company has a market cap of $7.27 billion, a PE ratio of -36.49 and a beta of -0.09. The firm’s 50 day moving average price is $49.90 and its 200-day moving average price is $47.94. The company has a debt-to-equity ratio of 0.34, a quick ratio of 3.19 and a current ratio of 3.22. Legend Biotech Co. has a 52-week low of $30.75 and a 52-week high of $57.72.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. Morgan Stanley raised their price target on Legend Biotech from $60.00 to $65.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 24th. UBS Group initiated coverage on shares of Legend Biotech in a report on Tuesday, December 6th. They issued a “buy” rating and a $66.00 price target on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Legend Biotech from $61.00 to $65.00 and gave the company an “overweight” rating in a report on Tuesday, December 6th. Barclays boosted their price objective on shares of Legend Biotech from $53.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, January 25th. Finally, Piper Sandler raised their target price on shares of Legend Biotech from $72.00 to $78.00 and gave the stock an “overweight” rating in a research report on Tuesday, December 20th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.33.

Legend Biotech Company Profile

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Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery and development 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), as well as a comparison of the treatment with standard triplet therapy in revlimid-refractory multiple myeloma.