Vontobel Holding Ltd. Takes $789,000 Position in Legend Biotech Co. (NASDAQ:LEGN)

Vontobel Holding Ltd. acquired a new stake in shares of Legend Biotech Co. (NASDAQ:LEGN) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 13,117 shares of the company’s stock, valued at approximately $789,000.

A number of other institutional investors have also modified their holdings of LEGN. E Fund Management Hong Kong Co. Ltd. grew its position in shares of Legend Biotech by 197.1% during the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 26,523 shares of the company’s stock valued at $1,079,000 after buying an additional 17,596 shares during the last quarter. Bank of New York Mellon Corp grew its position in shares of Legend Biotech by 19.2% during the 1st quarter. Bank of New York Mellon Corp now owns 37,900 shares of the company’s stock valued at $1,377,000 after buying an additional 6,100 shares during the last quarter. Panagora Asset Management Inc. bought a new stake in shares of Legend Biotech during the 1st quarter valued at about $432,000. BlackRock Inc. grew its position in shares of Legend Biotech by 26.6% during the 1st quarter. BlackRock Inc. now owns 3,046,229 shares of the company’s stock valued at $110,701,000 after buying an additional 639,828 shares during the last quarter. Finally, APG Asset Management N.V. bought a new stake in shares of Legend Biotech during the 1st quarter valued at about $353,000. Institutional investors own 70.89% of the company’s stock.

Analysts Set New Price Targets

Several research firms have commented on LEGN. Scotiabank upgraded shares of Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 target price for the company in a research report on Wednesday, April 17th. Barclays upped their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the stock an “overweight” rating in a research report on Wednesday, January 24th. Cantor Fitzgerald began coverage on shares of Legend Biotech in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $82.00 target price for the company. UBS Group upped their target price on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Monday, March 18th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $85.00 target price on shares of Legend Biotech in a research report on Thursday, March 7th. One equities research 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 has an average rating of “Moderate Buy” and an average price target of $83.26.

Legend Biotech Stock Performance

Shares of LEGN opened at $46.19 on Monday. Legend Biotech Co. has a 12-month low of $45.68 and a 12-month high of $77.32. The stock has a market capitalization of $8.40 billion, a P/E ratio of -31.21 and a beta of 0.01. The firm’s 50 day moving average is $59.31 and its 200-day moving average is $60.78. The company has a debt-to-equity ratio of 0.22, a current ratio of 6.92 and a quick ratio of 6.83.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings results on Monday, March 11th. The company reported ($0.40) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.70) by $0.30. The company had revenue of $76.50 million for the quarter, compared to analysts’ expectations of $95.63 million. Legend Biotech had a negative return on equity of 37.19% and a negative net margin of 181.75%. The business’s quarterly revenue was up 177.2% compared to the same quarter last year. Equities research analysts anticipate that Legend Biotech Co. will post -1.43 EPS for the current fiscal 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).