Exane Asset Management Invests $2.28 Million in Legend Biotech Co. (NASDAQ:LEGN)

Exane Asset Management acquired a new stake in Legend Biotech Co. (NASDAQ:LEGN) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 67,782 shares of the company’s stock, valued at approximately $2,284,000. Legend Biotech comprises approximately 1.3% of Exane Asset Management’s investment portfolio, making the stock its 15th biggest holding.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in LEGN. Nordea Investment Management AB raised its position in shares of Legend Biotech by 14.2% in the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock valued at $8,684,000 after buying an additional 33,024 shares during the last quarter. Franklin Resources Inc. purchased a new stake in Legend Biotech during the 3rd quarter valued at about $12,837,000. Westfield Capital Management Co. LP raised its holdings in Legend Biotech by 5.6% in the 3rd quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock valued at $245,526,000 after acquiring an additional 266,296 shares during the last quarter. Geode Capital Management LLC raised its holdings in Legend Biotech by 3.6% in the 3rd quarter. Geode Capital Management LLC now owns 494,864 shares of the company’s stock valued at $23,933,000 after acquiring an additional 17,337 shares during the last quarter. Finally, Matthews International Capital Management LLC lifted its stake in Legend Biotech by 14.9% in the 4th quarter. Matthews International Capital Management LLC now owns 1,185,516 shares of the company’s stock worth $38,577,000 after purchasing an additional 153,665 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Legend Biotech Price Performance

Shares of LEGN opened at $35.38 on Friday. The firm has a 50-day simple moving average of $35.67 and a two-hundred day simple moving average of $44.63. The stock has a market cap of $6.46 billion, a PE ratio of -37.24 and a beta of 0.17. Legend Biotech Co. has a 1-year low of $30.17 and a 1-year high of $70.13. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.90.

Legend Biotech (NASDAQ:LEGN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $143.91 million. During the same quarter last year, the firm earned ($0.17) EPS. The firm’s revenue for the quarter was up 66.9% on a year-over-year basis. As a group, analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current year.

Wall Street Analysts Forecast Growth

LEGN has been the subject of a number of analyst reports. Piper Sandler restated an “overweight” rating and issued a $78.00 price target on shares of Legend Biotech in a research report on Monday, December 30th. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $86.00 target price on shares of Legend Biotech in a research note on Monday, December 9th. Cantor Fitzgerald reissued an “overweight” rating and set a $83.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Finally, HC Wainwright restated a “buy” rating and set a $73.00 price objective on shares of Legend Biotech in a research report on Tuesday, January 21st. Twelve investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $79.50.

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).