Legend Biotech Co. (NASDAQ:LEGN) Shares Purchased by Matthews International Capital Management LLC

Matthews International Capital Management LLC raised its position in Legend Biotech Co. (NASDAQ:LEGN) by 14.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 1,185,516 shares of the company’s stock after purchasing an additional 153,665 shares during the period. Legend Biotech makes up about 7.9% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 3rd biggest holding. Matthews International Capital Management LLC’s holdings in Legend Biotech were worth $38,577,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Avior Wealth Management LLC increased its stake in Legend Biotech by 3.0% during the 3rd quarter. Avior Wealth Management LLC now owns 11,097 shares of the company’s stock worth $541,000 after purchasing an additional 323 shares in the last quarter. Public Sector Pension Investment Board lifted its position in Legend Biotech by 1.6% in the 2nd quarter. Public Sector Pension Investment Board now owns 24,689 shares of the company’s stock valued at $1,093,000 after acquiring an additional 400 shares in the last quarter. Bridgewater Associates LP boosted its stake in Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock worth $8,088,000 after purchasing an additional 516 shares during the period. Sei Investments Co. increased its holdings in Legend Biotech by 1.5% during the 2nd quarter. Sei Investments Co. now owns 46,492 shares of the company’s stock worth $2,059,000 after purchasing an additional 702 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Legend Biotech by 14.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after purchasing an additional 837 shares during the period. 70.89% of the stock is owned by institutional investors.

Legend Biotech Stock Performance

Legend Biotech stock opened at $36.64 on Tuesday. The stock has a 50-day simple moving average of $36.37 and a 200 day simple moving average of $45.63. The company has a current ratio of 4.98, a quick ratio of 4.90 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 $70.13.

Legend Biotech (NASDAQ:LEGN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.56) by $0.22. The company had revenue of $160.20 million during the quarter, compared to analysts’ expectations of $143.91 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The business’s revenue was up 66.9% on a year-over-year basis. During the same period last year, the firm posted ($0.17) earnings per share. As a group, sell-side analysts forecast that Legend Biotech Co. will post -1.24 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on LEGN shares. Piper Sandler reiterated an “overweight” rating and set a $78.00 price objective on shares of Legend Biotech in a report on Monday, December 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $83.00 price objective on shares of Legend Biotech in a 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 report on Tuesday, January 21st. Redburn Atlantic began coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 target price for the company. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Monday, December 9th. Twelve equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, Legend Biotech presently has a consensus rating of “Buy” and a consensus target price 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).