Swiss National Bank Grows Stock Position in Legend Biotech Co. (NASDAQ:LEGN)

Swiss National Bank boosted its stake in Legend Biotech Co. (NASDAQ:LEGN) by 3.3% in the 3rd quarter, according to its most recent filing with the SEC. The fund owned 165,194 shares of the company’s stock after purchasing an additional 5,200 shares during the period. Swiss National Bank owned about 0.09% of Legend Biotech worth $8,050,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the stock. RA Capital Management L.P. increased its holdings in Legend Biotech by 9.5% in the 1st quarter. RA Capital Management L.P. now owns 6,861,097 shares of the company’s stock valued at $384,839,000 after purchasing an additional 596,390 shares during the last quarter. Janus Henderson Group PLC increased its holdings in Legend Biotech by 8.0% in the 1st quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company’s stock valued at $112,982,000 after purchasing an additional 148,855 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Legend Biotech by 3.7% in the 2nd quarter. Massachusetts Financial Services Co. MA now owns 1,960,709 shares of the company’s stock valued at $86,840,000 after purchasing an additional 69,913 shares during the last quarter. Federated Hermes Inc. increased its holdings in Legend Biotech by 0.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,541,345 shares of the company’s stock valued at $68,266,000 after purchasing an additional 4,285 shares during the last quarter. Finally, Tri Locum Partners LP increased its holdings in Legend Biotech by 25.6% in the 2nd quarter. Tri Locum Partners LP now owns 356,532 shares of the company’s stock valued at $15,791,000 after purchasing an additional 72,759 shares during the last quarter. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN opened at $42.69 on Tuesday. Legend Biotech Co. has a 1-year low of $36.92 and a 1-year high of $70.13. The stock has a market cap of $7.83 billion, a PE ratio of -44.94 and a beta of 0.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90. The firm has a fifty day moving average price of $44.75 and a 200 day moving average price of $48.05.

Legend Biotech (NASDAQ:LEGN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. During the same period in the previous year, the company earned ($0.17) earnings per share. Legend Biotech’s quarterly revenue was up 66.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Legend Biotech Co. will post -1.23 EPS for the current year.

Wall Street Analysts Forecast Growth

LEGN has been the subject of several research reports. HC Wainwright restated a “buy” rating and issued a $73.00 price target on shares of Legend Biotech in a research note on Wednesday, November 13th. Redburn Atlantic initiated coverage on shares of Legend Biotech in a research note on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and issued a $86.00 price target on shares of Legend Biotech in a research note on Tuesday, October 29th. Finally, Scotiabank boosted their price target on shares of Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research note on Monday, August 12th. Thirteen research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has a consensus rating of “Buy” and an average target price of $81.46.

Legend Biotech 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).