Empire Life Investments Inc. Acquires 38,043 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Empire Life Investments Inc. lifted its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 38.5% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 136,731 shares of the company’s stock after buying an additional 38,043 shares during the quarter. Empire Life Investments Inc. owned about 0.07% of Legend Biotech worth $4,449,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in LEGN. Exane Asset Management acquired a new stake in Legend Biotech in the fourth quarter worth about $2,284,000. Nordea Investment Management AB increased its position in Legend Biotech by 14.2% in the fourth quarter. Nordea Investment Management AB now owns 266,232 shares of the company’s stock worth $8,684,000 after purchasing an additional 33,024 shares during the period. Matthews International Capital Management LLC increased its position in Legend Biotech by 14.9% in the fourth 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 during the period. Franklin Resources Inc. acquired a new stake in Legend Biotech in the third quarter worth about $12,837,000. Finally, Westfield Capital Management Co. LP increased its position in Legend Biotech by 5.6% in the third quarter. Westfield Capital Management Co. LP now owns 5,038,505 shares of the company’s stock worth $245,526,000 after purchasing an additional 266,296 shares during the period. 70.89% of the stock is owned by institutional investors.

Legend Biotech Price Performance

Shares of LEGN opened at $36.42 on Friday. 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 50 day simple moving average of $34.96 and a 200 day simple moving average of $43.83. Legend Biotech Co. has a 52-week low of $30.17 and a 52-week high of $70.13.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (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 business had revenue of $160.20 million during the quarter, compared to analyst estimates of $143.91 million. During the same period in the previous year, the firm earned ($0.17) EPS. Legend Biotech’s quarterly revenue was up 66.9% compared to the same quarter last year. On average, sell-side analysts forecast that Legend Biotech Co. will post -1.31 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on LEGN. Royal Bank of Canada reiterated an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. HC Wainwright restated a “buy” rating and set a $73.00 target price on shares of Legend Biotech in a research report on Tuesday, January 21st. Finally, Piper Sandler restated an “overweight” rating and set a $78.00 target price on shares of Legend Biotech in a research report on Monday, December 30th. Twelve equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Legend Biotech presently has an average rating of “Buy” and an average price target of $79.50.

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).