Nordea Investment Management AB Increases Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Nordea Investment Management AB increased its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 14.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 266,232 shares of the company’s stock after acquiring an additional 33,024 shares during the quarter. Nordea Investment Management AB owned approximately 0.15% of Legend Biotech worth $8,684,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Quantbot Technologies LP acquired a new stake in shares of Legend Biotech during the third quarter worth about $148,000. SG Americas Securities LLC acquired a new stake in Legend Biotech during the 3rd quarter worth approximately $212,000. Public Employees Retirement System of Ohio purchased a new position in shares of Legend Biotech in the 3rd quarter valued at approximately $229,000. Vanguard Personalized Indexing Management LLC increased its holdings in shares of Legend Biotech by 31.6% in the second quarter. Vanguard Personalized Indexing Management LLC now owns 6,540 shares of the company’s stock valued at $290,000 after purchasing an additional 1,571 shares during the period. Finally, Aigen Investment Management LP purchased a new stake in shares of Legend Biotech during the third quarter worth approximately $300,000. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on LEGN shares. Redburn Atlantic started coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. HC Wainwright reiterated a “buy” rating and set a $73.00 price target on shares of Legend Biotech in a research note on Tuesday, December 10th. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reiterated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Legend Biotech currently has an average rating of “Buy” and an average target price of $80.62.

Legend Biotech Trading Down 2.4 %

Legend Biotech stock opened at $32.77 on Friday. The stock has a 50-day moving average price of $37.96 and a 200 day moving average price of $46.51. 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 stock has a market cap of $5.98 billion, a PE ratio of -34.49 and a beta of 0.16. Legend Biotech Co. has a 52 week low of $32.08 and a 52 week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The firm had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same period in the prior year, the firm posted ($0.17) earnings per share. The business’s quarterly revenue was up 66.9% compared to the same quarter last year. Equities research analysts predict that Legend Biotech Co. will post -1.23 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).