IvyRock Asset Management HK Ltd Acquires 260,300 Shares of Legend Biotech Co. (NASDAQ:LEGN)

IvyRock Asset Management HK Ltd lifted its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 3,827.9% in the 4th quarter, Holdings Channel.com reports. The fund owned 267,100 shares of the company’s stock after buying an additional 260,300 shares during the quarter. Legend Biotech comprises approximately 3.8% of IvyRock Asset Management HK Ltd’s portfolio, making the stock its 7th largest holding. IvyRock Asset Management HK Ltd’s holdings in Legend Biotech were worth $8,691,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Bridgewater Associates LP boosted its position in Legend Biotech by 0.3% during 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. Connor Clark & Lunn Investment Management Ltd. grew its stake in shares of Legend Biotech by 12.9% in the fourth quarter. Connor Clark & Lunn Investment Management Ltd. now owns 7,324 shares of the company’s stock valued at $238,000 after buying an additional 835 shares in the last quarter. Advisors Asset Management Inc. raised its holdings in shares of Legend Biotech by 14.0% during the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock valued at $332,000 after buying an additional 837 shares during the period. Aigen Investment Management LP raised its holdings in shares of Legend Biotech by 19.6% during the 4th quarter. Aigen Investment Management LP now owns 7,363 shares of the company’s stock valued at $240,000 after buying an additional 1,206 shares during the period. Finally, Rhumbline Advisers lifted its position in Legend Biotech by 5.9% during the 4th quarter. Rhumbline Advisers now owns 27,638 shares of the company’s stock worth $899,000 after acquiring an additional 1,544 shares in the last quarter. Hedge funds and other institutional investors own 70.89% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on LEGN. Morgan Stanley dropped their price objective on shares of Legend Biotech from $82.00 to $80.00 and set an “overweight” rating on the stock in a research note on Monday, March 17th. Piper Sandler reaffirmed an “overweight” rating and set a $78.00 price target on shares of Legend Biotech in a research note on Monday, December 30th. Guggenheim reissued a “neutral” rating on shares of Legend Biotech in a research report on Wednesday, March 12th. HC Wainwright lifted their target price on Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $83.00 price target on shares of Legend Biotech in a report on Monday, December 9th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $79.00.

Legend Biotech Price Performance

Shares of NASDAQ LEGN opened at $36.33 on Tuesday. 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 company has a market capitalization of $6.67 billion, a price-to-earnings ratio of -38.24 and a beta of 0.19. Legend Biotech Co. has a twelve month low of $30.17 and a twelve month high of $60.87. The business has a 50 day simple moving average of $36.18 and a 200-day simple moving average of $39.93.

Legend Biotech (NASDAQ:LEGN) last released its earnings results on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, beating the consensus estimate of ($0.39) by $0.46. Legend Biotech had a negative net margin of 66.92% and a negative return on equity of 29.69%. The firm had revenue of $186.50 million during the quarter, compared to analyst estimates of $179.00 million. During the same quarter in the previous year, the firm earned ($0.40) earnings per share. The firm’s revenue for the quarter was up 134.6% compared to the same quarter last year. As a group, equities research analysts expect that Legend Biotech Co. will post -1.31 earnings per share for the current year.

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).