E Fund Management Co. Ltd. Has $3.85 Million Holdings in Legend Biotech Co. (NASDAQ:LEGN)

E Fund Management Co. Ltd. raised its position in Legend Biotech Co. (NASDAQ:LEGN) by 21.1% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 63,897 shares of the company’s stock after purchasing an additional 11,138 shares during the quarter. E Fund Management Co. Ltd.’s holdings in Legend Biotech were worth $3,845,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Swiss National Bank boosted its holdings in Legend Biotech by 10.3% during the fourth quarter. Swiss National Bank now owns 153,994 shares of the company’s stock worth $9,266,000 after purchasing an additional 14,400 shares during the last quarter. Parametrica Management Ltd acquired a new stake in shares of Legend Biotech in the fourth quarter valued at about $710,000. Handelsbanken Fonder AB raised its holdings in Legend Biotech by 24.1% during the fourth quarter. Handelsbanken Fonder AB now owns 39,700 shares of the company’s stock worth $2,389,000 after acquiring an additional 7,700 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its position in Legend Biotech by 28.6% during the fourth quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 9,309 shares of the company’s stock valued at $560,000 after purchasing an additional 2,069 shares during the last quarter. Finally, abrdn plc grew its stake in Legend Biotech by 18.4% in the fourth quarter. abrdn plc now owns 15,701 shares of the company’s stock valued at $945,000 after purchasing an additional 2,441 shares in the last quarter. 70.89% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on LEGN shares. HC Wainwright reissued a “buy” rating and issued a $87.00 price objective on shares of Legend Biotech in a report on Thursday. UBS Group boosted their price objective on shares of Legend Biotech from $76.00 to $81.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Barclays raised their target price on shares of Legend Biotech from $93.00 to $94.00 and gave the company an “overweight” rating in a research note on Wednesday, January 24th. Raymond James started coverage on Legend Biotech in a research note on Wednesday, March 13th. They set an “outperform” rating and a $86.00 target price for the company. Finally, Scotiabank upgraded Legend Biotech from a “sector perform” rating to a “sector outperform” rating and set a $65.00 price target on the stock in a research note on Wednesday, April 17th. One research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $82.64.

Legend Biotech Price Performance

NASDAQ LEGN traded down $0.20 during trading on Thursday, hitting $45.52. 528,848 shares of the company’s stock were exchanged, compared to its average volume of 999,245. The stock’s 50 day moving average price is $55.07 and its two-hundred day moving average price is $58.87. Legend Biotech Co. has a fifty-two week low of $42.08 and a fifty-two week high of $77.32. The company has a current ratio of 6.92, a quick ratio of 6.83 and a debt-to-equity ratio of 0.22. The company has a market cap of $8.28 billion, a PE ratio of -30.86 and a beta of 0.12.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Monday, March 11th. The company reported ($0.40) EPS for the quarter, beating the consensus estimate of ($0.70) by $0.30. The business had revenue of $76.50 million during the quarter, compared to the consensus estimate of $95.63 million. Legend Biotech had a negative net margin of 181.75% and a negative return on equity of 37.19%. The company’s revenue was up 177.2% on a year-over-year basis. Research analysts expect that Legend Biotech Co. will post -1.43 EPS for the current 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).