Resona Asset Management Co. Ltd. Purchases New Shares in Legend Biotech Co. (NASDAQ:LEGN)

Resona Asset Management Co. Ltd. acquired a new position in Legend Biotech Co. (NASDAQ:LEGN) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 17,450 shares of the company’s stock, valued at approximately $568,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Signaturefd LLC raised its stake in Legend Biotech by 1,052.7% in the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock worth $56,000 after buying an additional 1,579 shares in the last quarter. OFI Invest Asset Management bought a new position in shares of Legend Biotech in the 4th quarter worth approximately $77,000. Public Employees Retirement System of Ohio bought a new position in shares of Legend Biotech in the 3rd quarter worth approximately $229,000. Blue Trust Inc. lifted its stake in shares of Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock valued at $190,000 after purchasing an additional 5,478 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of 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 in the last quarter. 70.89% of the stock is owned by hedge funds and other institutional investors.

Legend Biotech Stock Down 2.5 %

LEGN stock opened at $31.28 on Friday. The company has a market cap of $5.74 billion, a price-to-earnings ratio of -32.93 and a beta of 0.21. The company has a debt-to-equity ratio of 0.27, a quick ratio of 4.90 and a current ratio of 4.98. The business’s 50-day moving average is $35.44 and its two-hundred day moving average is $38.32. Legend Biotech Co. has a fifty-two week low of $29.27 and a fifty-two week high of $60.87.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) 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 company had revenue of $186.50 million for the quarter, compared to the consensus estimate of $179.00 million. During the same quarter last year, the firm posted ($0.40) earnings per share. The firm’s revenue was up 134.6% compared to the same quarter last year. As a group, analysts forecast that Legend Biotech Co. will post -1.31 earnings per share for the current year.

Analysts Set New Price Targets

LEGN has been the subject of a number of research reports. Piper Sandler reissued an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a research report on Monday, December 30th. HC Wainwright reissued a “buy” rating and set a $75.00 price target on shares of Legend Biotech in a research report on Tuesday. Morgan Stanley cut their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, March 17th. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a report on Wednesday, March 12th. One research analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, Legend Biotech has an average rating of “Moderate Buy” and an average price target 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).