Nuveen Asset Management LLC Purchases 5,700 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Nuveen Asset Management LLC lifted its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 5.4% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 110,586 shares of the company’s stock after acquiring an additional 5,700 shares during the quarter. Nuveen Asset Management LLC owned approximately 0.06% of Legend Biotech worth $3,598,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Invesco Ltd. increased its holdings in Legend Biotech by 44.7% in the fourth quarter. Invesco Ltd. now owns 3,309,971 shares of the company’s stock valued at $107,706,000 after purchasing an additional 1,022,365 shares during the last quarter. Braidwell LP grew its stake in Legend Biotech by 93.2% in the fourth quarter. Braidwell LP now owns 2,977,951 shares of the company’s stock valued at $96,903,000 after acquiring an additional 1,436,400 shares during the period. Wellington Management Group LLP grew its stake in Legend Biotech by 4.1% in the fourth quarter. Wellington Management Group LLP now owns 2,120,775 shares of the company’s stock valued at $69,010,000 after acquiring an additional 84,405 shares during the period. Deerfield Management Company L.P. Series C acquired a new position in Legend Biotech in the fourth quarter valued at about $50,493,000. Finally, Artisan Partners Limited Partnership grew its stake in Legend Biotech by 155.3% in the fourth quarter. Artisan Partners Limited Partnership now owns 1,505,562 shares of the company’s stock valued at $48,991,000 after acquiring an additional 915,891 shares during the period. Institutional investors own 70.89% of the company’s stock.

Analyst Ratings Changes

A number of research firms have issued reports on LEGN. Morgan Stanley decreased their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a research note on Monday, March 17th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $84.00 price objective on shares of Legend Biotech in a research report on Tuesday, April 22nd. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $55.00 price objective on shares of Legend Biotech in a research report on Wednesday, May 14th. Truist Financial dropped their target price on Legend Biotech from $88.00 to $71.00 and set a “buy” rating on the stock in a report on Wednesday, May 14th. Finally, HC Wainwright reiterated a “buy” rating and set a $75.00 target price on shares of Legend Biotech in a report on Wednesday, April 16th. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $76.20.

Legend Biotech Price Performance

NASDAQ:LEGN opened at $28.75 on Monday. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27. The stock’s 50 day moving average price is $31.79 and its two-hundred day moving average price is $34.85. The firm has a market capitalization of $5.28 billion, a price-to-earnings ratio of -30.26 and a beta of 0.20. Legend Biotech Co. has a 12-month low of $27.34 and a 12-month high of $60.87.

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