Legend Biotech Co. (NASDAQ:LEGN) Shares Purchased by Sumitomo Mitsui Trust Group Inc.

Sumitomo Mitsui Trust Group Inc. increased its holdings in Legend Biotech Co. (NASDAQ:LEGN) by 9.0% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 177,227 shares of the company’s stock after buying an additional 14,672 shares during the quarter. Sumitomo Mitsui Trust Group Inc.’s holdings in Legend Biotech were worth $8,636,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of LEGN. National Pension Service increased its stake in shares of Legend Biotech by 4.3% in the third quarter. National Pension Service now owns 23,535 shares of the company’s stock worth $1,147,000 after acquiring an additional 961 shares during the period. Empire Life Investments Inc. grew its position in Legend Biotech by 75.2% during the 3rd quarter. Empire Life Investments Inc. now owns 98,688 shares of the company’s stock worth $4,809,000 after purchasing an additional 42,368 shares during the period. China Universal Asset Management Co. Ltd. raised its stake in shares of Legend Biotech by 63.7% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 15,711 shares of the company’s stock valued at $766,000 after buying an additional 6,114 shares during the last quarter. abrdn plc lifted its holdings in shares of Legend Biotech by 110.4% in the 3rd quarter. abrdn plc now owns 33,729 shares of the company’s stock valued at $1,628,000 after buying an additional 17,696 shares during the period. Finally, Diversified Trust Co purchased a new stake in shares of Legend Biotech in the third quarter worth about $1,730,000. 70.89% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several brokerages recently weighed in on LEGN. Royal Bank of Canada reiterated an “outperform” rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. HC Wainwright restated a “buy” rating and issued a $73.00 price objective on shares of Legend Biotech in a research report on Wednesday, November 13th. Redburn Atlantic began coverage on Legend Biotech in a research report on Tuesday, October 8th. They issued a “buy” rating and a $86.00 price objective on the stock. Finally, Scotiabank upped their price objective on Legend Biotech from $70.00 to $76.00 and gave the stock a “sector outperform” rating in a research report on Monday, August 12th. Thirteen investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has a consensus rating of “Buy” and an average target price of $81.46.

Legend Biotech Price Performance

Shares of Legend Biotech stock opened at $38.19 on Monday. The business has a 50 day simple moving average of $46.01 and a two-hundred day simple moving average of $48.30. Legend Biotech Co. has a 12 month low of $38.02 and a 12 month high of $70.13. The stock has a market capitalization of $6.96 billion, a P/E ratio of -40.20 and a beta of 0.11. The company has a debt-to-equity ratio of 0.27, a current ratio of 4.98 and a quick ratio of 4.78.

Legend Biotech (NASDAQ:LEGN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.34) EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $143.91 million. During the same quarter in the prior year, the firm earned ($0.17) earnings per share. The business’s revenue was up 66.9% compared to the same quarter last year. As a group, analysts predict that Legend Biotech Co. will post -1.23 EPS for the current fiscal year.

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).