Legend Biotech Co. (NASDAQ:LEGN) Shares Bought by JPMorgan Chase & Co.

JPMorgan Chase & Co. lifted its holdings in shares of Legend Biotech Co. (NASDAQ:LEGN) by 176.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 998,016 shares of the company’s stock after buying an additional 636,390 shares during the period. JPMorgan Chase & Co. owned approximately 0.55% of Legend Biotech worth $32,475,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Exane Asset Management purchased a new stake in Legend Biotech during the 4th quarter valued at approximately $2,284,000. Matthews International Capital Management LLC raised its stake in shares of Legend Biotech by 14.9% during the fourth quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after purchasing an additional 153,665 shares during the last quarter. Nordea Investment Management AB lifted its holdings in shares of Legend Biotech by 14.2% during the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock worth $8,684,000 after purchasing an additional 33,024 shares during the period. Franklin Resources Inc. purchased a new position in Legend Biotech in the 3rd quarter valued at $12,837,000. Finally, Geode Capital Management LLC increased its stake in Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after buying an additional 17,337 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $30.25 on Tuesday. The company has a current ratio of 4.98, a quick ratio of 4.90 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $36.00 and its 200 day moving average price is $38.74. Legend Biotech Co. has a 52 week low of $29.31 and a 52 week high of $60.87. The stock has a market cap of $5.56 billion, a price-to-earnings ratio of -31.84 and a beta of 0.21.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. During the same period last year, the company posted ($0.40) EPS. The company’s revenue was up 134.6% on a year-over-year basis. As a group, research analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Morgan Stanley dropped their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research report on Monday, March 17th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. HC Wainwright upped their price objective on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a report on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 target price on shares of Legend Biotech in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $79.00.

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).