Artisan Partners Limited Partnership Purchases 915,891 Shares of Legend Biotech Co. (NASDAQ:LEGN)

Artisan Partners Limited Partnership lifted its position in Legend Biotech Co. (NASDAQ:LEGN) by 155.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,505,562 shares of the company’s stock after buying an additional 915,891 shares during the period. Artisan Partners Limited Partnership owned about 0.82% of Legend Biotech worth $48,991,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in LEGN. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Legend Biotech during the third quarter worth $316,000. Advisors Asset Management Inc. boosted its stake in Legend Biotech by 14.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 6,812 shares of the company’s stock worth $332,000 after purchasing an additional 837 shares during the period. Dynamic Technology Lab Private Ltd bought a new position in Legend Biotech during the 3rd quarter worth about $306,000. Quantbot Technologies LP bought a new position in Legend Biotech during the 3rd quarter worth about $148,000. Finally, Bridgewater Associates LP raised its stake in shares of Legend Biotech by 0.3% in the 3rd quarter. Bridgewater Associates LP now owns 165,975 shares of the company’s stock valued at $8,088,000 after purchasing an additional 516 shares during the period. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Price Performance

Legend Biotech stock opened at $35.06 on Friday. The company has a market capitalization of $6.44 billion, a price-to-earnings ratio of -36.90 and a beta of 0.19. The stock’s 50 day moving average is $36.44 and its 200-day moving average is $39.66. 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 12 month low of $30.17 and a 12 month high of $60.87.

Legend Biotech (NASDAQ:LEGN) last posted its quarterly earnings data on Tuesday, March 11th. The company reported $0.07 earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.46. The firm had revenue of $186.50 million for the quarter, compared to analysts’ expectations of $179.00 million. Legend Biotech had a negative return on equity of 29.69% and a negative net margin of 66.92%. The company’s quarterly revenue was up 134.6% compared to the same quarter last year. During the same quarter last year, the business earned ($0.40) EPS. Equities research analysts expect that Legend Biotech Co. will post -1.31 EPS for the current year.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on LEGN shares. Morgan Stanley decreased their price objective on Legend Biotech from $82.00 to $80.00 and set an “overweight” rating for the company in a report on Monday, March 17th. HC Wainwright upped their price target on shares of Legend Biotech from $73.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, March 12th. Royal Bank of Canada reissued an “outperform” rating and issued a $86.00 price objective on shares of Legend Biotech in a research report on Monday, December 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $78.00 target price on shares of Legend Biotech in a report on Monday, December 30th. Finally, Guggenheim reiterated a “neutral” rating on shares of Legend Biotech in a research note on Wednesday, March 12th. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $79.00.

Legend Biotech Company 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).