Bank of America Corp DE Buys 467,386 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Bank of America Corp DE grew its stake in shares of Legend Biotech Co. (NASDAQ:LEGN) by 192.2% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 710,626 shares of the company’s stock after acquiring an additional 467,386 shares during the quarter. Bank of America Corp DE owned about 0.39% of Legend Biotech worth $23,124,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Connor Clark & Lunn Investment Management Ltd. lifted its position in Legend Biotech by 12.9% during the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock valued at $238,000 after purchasing an additional 835 shares during the period. Aigen Investment Management LP raised its stake in Legend Biotech by 19.6% during the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company’s stock valued at $240,000 after buying an additional 1,206 shares during the last quarter. Rhumbline Advisers lifted its holdings in shares of Legend Biotech by 5.9% during the 4th quarter. Rhumbline Advisers now owns 27,638 shares of the company’s stock valued at $899,000 after buying an additional 1,544 shares during the period. Signaturefd LLC boosted its stake in shares of Legend Biotech by 1,052.7% in the 4th quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. boosted its stake in shares of Legend Biotech by 10.2% in the 4th quarter. China Universal Asset Management Co. Ltd. now owns 17,320 shares of the company’s stock worth $564,000 after buying an additional 1,609 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on the company. HC Wainwright reissued a “buy” rating and issued a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. Morgan Stanley reduced their price target on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research report on Monday, March 17th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $55.00 price objective on shares of Legend Biotech in a research note on Wednesday, May 14th. Royal Bank of Canada restated an “outperform” rating and set a $84.00 target price on shares of Legend Biotech in a research report on Tuesday, April 22nd. Finally, Truist Financial reduced their target price on shares of Legend Biotech from $88.00 to $71.00 and set a “buy” rating for the company in a report on Wednesday, May 14th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $74.73.

Legend Biotech Stock Performance

Shares of NASDAQ LEGN opened at $27.78 on Monday. The stock has a market cap of $5.10 billion, a PE ratio of -29.24 and a beta of 0.20. Legend Biotech Co. has a 1 year low of $27.34 and a 1 year high of $60.87. The firm has a fifty day moving average price of $33.47 and a 200-day moving average price of $35.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last issued its earnings results on Tuesday, May 13th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.40) by $0.33. The company had revenue of $195.05 million during the quarter, compared to the consensus estimate of $190.83 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. Legend Biotech’s quarterly revenue was up 107.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.16) EPS. Equities analysts anticipate that Legend Biotech Co. will post -1.31 earnings per share for the current fiscal 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).