abrdn plc Acquires 2,441 Shares of Legend Biotech Co. (NASDAQ:LEGN)

abrdn plc increased its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 18.4% in the fourth quarter, Holdings Channel reports. The institutional investor owned 15,701 shares of the company’s stock after buying an additional 2,441 shares during the period. abrdn plc’s holdings in Legend Biotech were worth $945,000 at the end of the most recent reporting period.

A number of other large investors have also added to or reduced their stakes in LEGN. Adage Capital Partners GP L.L.C. grew its holdings 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 worth $114,761,000 after purchasing an additional 860,410 shares in the last quarter. Westfield Capital Management Co. LP increased its holdings in Legend Biotech by 71.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 1,668,150 shares of the company’s stock valued at $112,050,000 after buying an additional 696,096 shares during the period. Braidwell LP raised its position in shares of Legend Biotech by 58.1% in the 3rd quarter. Braidwell LP now owns 879,564 shares of the company’s stock valued at $59,080,000 after buying an additional 323,263 shares in the last quarter. Massachusetts Financial Services Co. MA lifted its holdings 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 acquiring an additional 212,327 shares during the period. Finally, Barclays PLC boosted 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 acquiring an additional 197,357 shares in the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have weighed in on the company. Barclays raised their target price on Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday, January 24th. Raymond James initiated coverage on shares of Legend Biotech in a report on Wednesday, March 13th. They set an “outperform” rating and a $86.00 price target on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a research report on Thursday, March 7th. HC Wainwright reiterated a “buy” rating and issued a $87.00 price target on shares of Legend Biotech in a research note on Tuesday, April 23rd. Finally, Scotiabank upgraded 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 report on Wednesday, April 17th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, Legend Biotech presently has a consensus rating of “Moderate Buy” and a consensus price target of $82.64.

Legend Biotech Price Performance

Legend Biotech stock opened at $45.14 on Tuesday. The firm has a market cap of $8.21 billion, a P/E ratio of -30.50 and a beta of 0.01. The stock’s 50 day moving average is $57.80 and its 200 day moving average is $59.91. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83. Legend Biotech Co. has a one year low of $44.06 and a one year high of $77.32.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating analysts’ consensus estimates of ($0.70) by $0.30. The company had revenue of $76.50 million for the quarter, compared to analyst estimates of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. Legend Biotech’s quarterly revenue was up 177.2% on a year-over-year basis. As a group, research analysts expect that Legend Biotech Co. will post -1.43 EPS for the current year.

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).