Artisan Partners Limited Partnership Buys 915,891 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Artisan Partners Limited Partnership increased its stake in Legend Biotech Co. (NASDAQ:LEGN) by 155.3% during the fourth quarter, Holdings Channel reports. The firm owned 1,505,562 shares of the company’s stock after acquiring an additional 915,891 shares during the period. Artisan Partners Limited Partnership’s holdings in Legend Biotech were worth $48,991,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. IvyRock Asset Management HK Ltd lifted its holdings in shares of Legend Biotech by 3,827.9% during the 4th quarter. IvyRock Asset Management HK Ltd now owns 267,100 shares of the company’s stock worth $8,691,000 after acquiring an additional 260,300 shares during the period. EntryPoint Capital LLC bought a new stake in Legend Biotech during the fourth quarter worth $248,000. Taikang Asset Management Hong Kong Co Ltd boosted its holdings in shares of Legend Biotech by 107.9% in the 4th quarter. Taikang Asset Management Hong Kong Co Ltd now owns 100,475 shares of the company’s stock valued at $3,269,000 after purchasing an additional 52,145 shares in the last quarter. Fox Run Management L.L.C. bought a new position in shares of Legend Biotech in the 4th quarter valued at $421,000. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Legend Biotech during the 4th quarter worth $599,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Trading Down 0.9 %

LEGN opened at $35.06 on Friday. Legend Biotech Co. has a twelve month low of $30.17 and a twelve month high of $60.87. The company has a fifty day moving average of $36.44 and a 200-day moving average of $39.66. The stock has a market cap of $6.44 billion, a PE ratio of -36.90 and a beta of 0.19. The company has a quick ratio of 4.90, a current ratio of 4.98 and a debt-to-equity ratio of 0.27.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.39) by $0.46. The firm had revenue of $186.50 million for the quarter, compared to analyst estimates of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s revenue was up 134.6% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.40) earnings per share. On average, sell-side analysts predict that Legend Biotech Co. will post -1.31 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on LEGN. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. HC Wainwright raised their price objective on Legend Biotech from $73.00 to $75.00 and gave the company a “buy” rating in a report on Wednesday, March 12th. Morgan Stanley lowered their target price on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research note on Monday, December 9th. Finally, Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 price objective on shares of Legend Biotech in a research note on Monday, December 30th. One equities research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the stock currently 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).