Quantbot Technologies LP Purchases 8,500 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Quantbot Technologies LP raised its position in shares of Legend Biotech Co. (NASDAQ:LEGN) by 280.3% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 11,532 shares of the company’s stock after purchasing an additional 8,500 shares during the period. Quantbot Technologies LP’s holdings in Legend Biotech were worth $375,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Signaturefd LLC increased its stake in shares of Legend Biotech by 1,052.7% during the fourth quarter. Signaturefd LLC now owns 1,729 shares of the company’s stock valued at $56,000 after buying an additional 1,579 shares during the period. OFI Invest Asset Management purchased a new position in Legend Biotech during the 4th quarter valued at about $77,000. Public Employees Retirement System of Ohio bought a new stake in shares of Legend Biotech in the 3rd quarter valued at about $229,000. Blue Trust Inc. lifted its position in shares of Legend Biotech by 1,513.3% in the 4th quarter. Blue Trust Inc. now owns 5,840 shares of the company’s stock worth $190,000 after purchasing an additional 5,478 shares during the period. Finally, Dynamic Technology Lab Private Ltd bought a new position in shares of Legend Biotech during the third quarter valued at approximately $306,000. 70.89% of the stock is currently owned by hedge funds and other institutional investors.

Legend Biotech Stock Performance

Shares of Legend Biotech stock opened at $35.06 on Friday. The company has a 50 day moving average price of $36.44 and a 200 day moving average price of $39.66. The firm has a market capitalization of $6.44 billion, a P/E 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 Co. has a 52 week low of $30.17 and a 52 week high of $60.87.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.39) by $0.46. The business had revenue of $186.50 million during the quarter, compared to analysts’ expectations of $179.00 million. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The business’s quarterly revenue was up 134.6% on a year-over-year basis. During the same quarter last year, the company posted ($0.40) earnings per share. Sell-side analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

Wall Street Analyst Weigh In

LEGN has been the subject of a number of recent research reports. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research note on Monday, December 9th. HC Wainwright boosted their price target on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $83.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Morgan Stanley reduced their target price on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. Finally, Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $79.00.

Legend Biotech Company 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).