Legend Biotech Co. (NASDAQ:LEGN) Shares Purchased by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD boosted its stake in Legend Biotech Co. (NASDAQ:LEGN) by 1.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,949,120 shares of the company’s stock after acquiring an additional 140,904 shares during the period. Price T Rowe Associates Inc. MD owned 6.02% of Legend Biotech worth $614,137,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Quarry LP acquired a new stake in shares of Legend Biotech during the fourth quarter worth $45,000. American International Group Inc. raised its holdings in shares of Legend Biotech by 50.0% during the first quarter. American International Group Inc. now owns 900 shares of the company’s stock worth $50,000 after purchasing an additional 300 shares during the period. Barometer Capital Management Inc. acquired a new stake in shares of Legend Biotech during the fourth quarter worth $120,000. BNP Paribas acquired a new stake in shares of Legend Biotech during the first quarter worth $199,000. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. acquired a new stake in shares of Legend Biotech during the first quarter worth $203,000. 70.89% of the stock is owned by institutional investors and hedge funds.

Legend Biotech Price Performance

LEGN traded down $0.47 on Monday, reaching $56.14. The company had a trading volume of 161,513 shares, compared to its average volume of 1,091,652. Legend Biotech Co. has a one year low of $38.60 and a one year high of $76.21. The company has a current ratio of 5.66, a quick ratio of 5.57 and a debt-to-equity ratio of 0.25. The company has a fifty day moving average of $46.70 and a 200-day moving average of $52.71. The company has a market capitalization of $10.23 billion, a P/E ratio of -43.55 and a beta of 0.11.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Monday, May 13th. The company reported ($0.16) earnings per share for the quarter, beating the consensus estimate of ($0.29) by $0.13. Legend Biotech had a negative net margin of 135.92% and a negative return on equity of 27.91%. The company had revenue of $93.90 million during the quarter, compared to analyst estimates of $143.24 million. During the same quarter last year, the firm posted ($0.40) EPS. The business’s revenue for the quarter was up 158.7% on a year-over-year basis. As a group, equities research analysts anticipate that Legend Biotech Co. will post -1.94 earnings per share for the current year.

Analyst Ratings Changes

LEGN has been the subject of several recent research reports. Truist Financial initiated coverage on shares of Legend Biotech in a research report on Monday, June 17th. They set a “buy” rating and a $88.00 price target for the company. Royal Bank of Canada restated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Friday, June 21st. Piper Sandler restated an “overweight” rating and set a $90.00 price target on shares of Legend Biotech in a research report on Monday, June 17th. BMO Capital Markets restated an “outperform” rating and set a $90.00 price target on shares of Legend Biotech in a research report on Wednesday, July 3rd. Finally, Cantor Fitzgerald initiated coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They set an “overweight” rating and a $82.00 price target for the company. Fourteen analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has an average rating of “Buy” and a consensus target price of $81.31.

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).